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CIMA Updated F1 Exam Questions and Answers by hailey

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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: hailey
Question 68

LM is preparing its cash forecast for the next three months.

Which of the following items should be left out of its calculations?

Options:

A.

Tax payment due, that relates to last year's profits.

B.

Receipt of a new bank loan raised for the purpose of purchasing new machinery.

C.

Expected loss on the disposal of a piece of land.

D.

Rental payment on a leased vehicle.

Discussion
Question 69

BCD's financial statements for the year ending 30 November 20X3 include the following:

Questions 69

Inventory at 30 November 20X2 was $220,000.

What is BCD's average inventory holding period for the year ended 30 November 20X3?

Options:

A.

37 days

B.

35 days

C.

45 days

D.

42 days

Discussion
Question 70

For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.

Which of the following conditions would give exemption from preparing consolidated financial statements?

Options:

A.

The parent's securities are publicly traded.

B.

The parent is in the process of issuing securities in a public securities market.

C.

The parent is a wholly owned subsidiary of another entity.

D.

All of the parent's subsidiaries are in one country.

Discussion
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Question 71

Which THREE of the following are conditions that must be met to allow an asset to be categorised as held for sale?

Options:

A.

Management is committed to a plan to sell

B.

The asset is being actively marketed at a reasonable price

C.

The asset is available for immediate sale

D.

A buyer has already expressed interest

E.

The sale of the asset is likely to generate a significant profit

Discussion
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