CIMA CIMAPRA19-F01-1-ENG F1 Financial Reporting (Online) Online Training
CIMA CIMAPRA19-F01-1-ENG Online Training
The questions for CIMAPRA19-F01-1-ENG were last updated at Apr 24,2025.
- Exam Code: CIMAPRA19-F01-1-ENG
- Exam Name: F1 Financial Reporting (Online)
- Certification Provider: CIMA
- Latest update: Apr 24,2025
The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:
Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year’s depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ’s property.
The total depreciation charge for property, plant and equipment in ZZ’s statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ’s statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What figure should be included within cash flows from investing activities for the proceeds of sale of plant and equipment?
- A . $55 million
- B . $95 million
- C . $80 million
- D . $120 million
Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.
What type of tax is this duty?
- A . Specific unit tax
- B . Ad valorem tax
- C . Direct tax
- D . Single-stage sales tax
According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?
- A . The currency that mainly influences selling prices of the entity’s goods and services.
- B . The currency that mainly influences labour, material and other costs.
- C . The currency used for published financial reports.
- D . The currency of the country whose competitive forces determine prices of goods and services.
To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.
Which THREE of the following are identified in the Code as threats?
- A . Confidentiality threat
- B . Self-interest threats
- C . Self-review threats
- D . Familiarity threats
- E . Integrity threats
- F . Objectivity threats
Which of the following is NOT a type of supply for value added tax (VAT)?
- A . Fixed
- B . Standard-rated
- C . Exempt
- D . Zero-rated
An entity has an inventory holding period of 52 days.
This means that the inventory:
- A . takes 52 days to arrive after it has been ordered.
- B . stays in the entity’s warehouse for an average of 52 days before it is sold.
- C . takes 52 days to manufacture.
- D . takes 52 days to be paid for.
The tax rules in a country state that all tax returns must be filed by 31 March each year and that any outstanding tax balance must be paid by 14 April each year. An entity filed its tax return on 10 April 20X2 and paid the outstanding tax on 20 April 20X2.
Which TWO of the following powers is the tax authority likely to have in respect of these actions by the entity?
- A . Charge a fixed penalty for late submission of the tax return.
- B . Charge interest for non-payment of the outstanding tax balance between 14 April 20X2 and 20 April 20X2.
- C . Charge interest for non-payment of the outstanding tax balance between 31 March 20X2 and 20 April 20X2.
- D . Charge interest for non-payment of the outstanding tax balance between 10 April 20X2 and 20 April 20X2.
- E . Seize the assets of the entity.
Which THREE of the following would be included in a cash budget?
- A . Interest payments
- B . Depreciation on machinery
- C . Salaries paid to staff
- D . Impairment of goodwill
- E . Profit on disposal of motor vehicle
- F . Dividends received from associate
A conservative policy for financing working capital is one where short-term finance is used to fund:
- A . All of the fluctuating current assets and part of the permanent current assets.
- B . Part of the fluctuating current assets, but no part of the permanent current assets.
- C . All of the fluctuating current assets, but no part of the permanent current assets.
- D . Part of the fluctuating current assets and part of the permanent current assets.
Latest CIMAPRA19-F01-1-ENG Dumps Valid Version with 177 Q&As
Latest And Valid Q&A | Instant Download | Once Fail, Full Refund
