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CIMA Updated F1 Exam Questions and Answers by cosmo

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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: cosmo
Question 12

UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.

UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.

Which TWO of the following will UV encounter as a result of employing the factoring company?

Options:

A.

No irrecoverable debts

B.

Reduction in payables days

C.

Reduction in the need for management control

D.

Reduction in bank overdraft charges

E.

Increase in cash sales

Discussion
Question 13

Entity RH has an recognised a taxable profit of $1.Smillion for 20X1'. In Entity RH's resident country. Country M, depreciation charges and entertaining expenses are disallowed expenses. Below is some information on

Entitry RH's outgoings for the period:

Depreciation charged on PPE: $450,000

Political donations: $155,000

Staff parties: $3,200

Cost of updating assets: $10,000

Other expenses: $83,500

In Country M, there is a standard corporation tax of 12% charged on all corporation profits. What is Entity RH's total tax liability for this period?

Options:

A.

$234,384

B.

$125,616

C.

$254,184

D.

$252,984

Discussion
Question 14

XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.

XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting $10,000 of entertaining costs.

It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.

Which of the following correctly states the impact of the ruling on the profits already calculated?

Options:

A.

Accounting profit will not be affected but taxable profit will increase by $10,000.

B.

Both accounting and taxable profits will increase by $10,000.

C.

Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.

D.

Both accounting and taxable profits will decrease by $10,000.

Discussion
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Question 15

ST has an asset that was classified as held for sale at 30 June 20X4. The asset's carrying value was $230,000 and its fair value $210,000.

The cost of disposal was estimated to be $15,000.

In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which of the following values should be used for the asset in the statement of financial position as at 30 June 20X4?

Options:

A.

$230,000

B.

$215,000

C.

$210,000

D.

$195,000

Discussion
Page: 3 / 18

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