Financial Reporting
Last Update Apr 2, 2025
Total Questions : 248
To help you prepare for the F1 CIMA exam, we are offering free F1 CIMA exam questions. All you need to do is sign up, provide your details, and prepare with the free F1 practice questions. Once you have done that, you will have access to the entire pool of Financial Reporting F1 test questions which will help you better prepare for the exam. Additionally, you can also find a range of Financial Reporting resources online to help you better understand the topics covered on the exam, such as Financial Reporting F1 video tutorials, blogs, study guides, and more. Additionally, you can also practice with realistic CIMA F1 exam simulations and get feedback on your progress. Finally, you can also share your progress with friends and family and get encouragement and support from them.
Which of the following is NOT a source of short-term finance?
Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?
An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.
Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.
Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.
Give your answer to the nearest whole $.
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 value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.
TESTED 03 Apr 2025
