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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is a characteristic of a defined contribution post-employment benefit scheme?

A) The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
B) The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
C) The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
D) The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.

2. The Conceptual Framework for Financial Reporting issued by the International Accounting Standards Board (known as the IASB's conceptual framework) includes one underlying assumption about the preparation of financial statements and two fundamental qualitative characteristics for financial information.
Identify the underlying assumption and one of the fundamental characteristics by placing one of the options in each of the boxes below.

3. Which of the following would NOT be classified as part of non-current assets in a statement of financial position?

A) The interest paid on a loan raised to fund the construction of a factory, where that factory is still not ready for its intended use.
B) Assets held for sale, classified in accordance with IFRS 5 Non-current Assets Held for Sales and Discontinued Operations.
C) The goodwill arising on the acquisition of a subsidiary.
D) A property held as an investment which is let to tenants.

4. Which of the following is NOT a type of supply for value added tax (VAT)?

A) Fixed
B) Exempt
C) Zero-rated
D) Standard-rated

5. Which TWO of the following are features of a bank overdraft?

A) Interest is charged on the balance outstanding.
B) The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.
C) The bank cannot demand repayment of the overdraft before the end of the agreed period.
D) Repayments are scheduled in advance
E) A fixed amount of interest is determined for the period of the overdraft

Solutions: