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CIMA Updated F1 Exam Questions and Answers by ivar

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CIMA F1 Exam Overview :

Exam Name: Financial Reporting
Exam Code: F1 Dumps
Vendor: CIMA Certification: CIMA Operational
Questions: 248 Q&A's Shared By: ivar
Question 8

Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

Options:

A.

Publication of discussion documents.

B.

Publication of exposure drafts.

C.

Establishment of an advisory committee to advise on issues arising in the development of the IFRS.

D.

Production of draft interpretations of the IFRS which are open to public comment.

Discussion
Question 9

The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's ordinary share capital on 31 March 20X3.

The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its share capital was £37,000. NCI fair value on the date of acquisition was £31,000.

What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both the proportion of net assets method and the full good will method for valuing the non-controlling interest.

Options:

A.

Proportion of net assets method = £25,150

B.

Full goodwill method = £5,000

C.

Proportion of net assets method = £5,000

D.

Full goodwill method = £25,150

E.

Proportion of net assets method = £77,150

F.

Full goodwill method = £57,000

Discussion
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Question 10

Which of the following would NOT be a risk or impact of overtrading?

Options:

A.

Increase in interest payments

B.

Increased borrowings

C.

Shortage of working capital

D.

Expanding too quickly

Discussion
Question 11

An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.

The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at 20% a year on a straight line basis.

Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.

Give your answer to the nearest whole $.

Options:

Discussion
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