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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. STU commenced trading on 1 January. Total sales for the month of January were $250,000. which were 75% on credit and 25% for cash. Sales are expected to increase by 10% a month Irrecoverable debts are estimated to be 5% of credit sales Of the credit sales expected to pay, 50% pay in the month following the sale and the remaining 50% the month after.
The cash expected to be received in February is:

A) $156,250
B) $162,500
C) $157,813
D) $151,563

2. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April
20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the amount of the non-controlling interest to be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.

3. Which of the following does the phrase 'events after the reporting period' refer to?

A) Material events which occur between the statement of financial position date and the date on which the financial statements are approved
B) Material events which occur before the statement of financial position date
C) Material events which occur after the release of the statement of financial position
D) Material events which occur between the income statement date and the statement of financial position date

4. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

5. Which THREE of the following would be included in a cash budget?

A) Interest payments
B) Profit on disposal of motor vehicle
C) Depreciation on machinery
D) Impairment of goodwill
E) Salaries paid to staff
F) Dividends received from associate

Solutions: