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 25,2025.
- Exam Code: CIMAPRA19-F01-1-ENG
- Exam Name: F1 Financial Reporting (Online)
- Certification Provider: CIMA
- Latest update: Apr 25,2025
CORRECT TEXT
030d49a3-3c4c-45ad-9aee-710302f219f1: Entities normally pay taxation on their worldwide income in the country in which they are deemed to be resident.
Residency is determined by the
CORRECT TEXT
Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:
[1] JK purchased 80% of LM’s $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ’s $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM’s inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the goodwill arising on the acquisition LM.
Give your answer to the nearest $.
CORRECT TEXT
The following information relates to a single asset:
* Original cost of $186,000
* Estimated residual value of $6,000
* Expected useful life of 10 years
* Accumulated depreciation at 31 December 20X5 of $66,960
* Annual depreciation rate of 20% on a reducing balance basis
Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6.
Give your answer to the nearest whole number.
The following data has been extracted from GH’s accounting records:
What is GH’s average inventory days for the year ended 31 March 20X3?
- A . 39 days
- B . 43 days
- C . 25 days
- D . 28 days
The International Accounting Standards Board’s "The Conceptual Framework for Financial Reporting" (known as The Conceptual Framework) states that "faithful representation" is a fundamental qualitative characteristic.
In accordance with the Conceptual Framework which of the following is NOT part of faithful representation?
- A . Complete
- B . Neutral
- C . Free from error
- D . Comparable
CORRECT TEXT
HI commenced business on 1 April 20X3. Sales in April 20X3 were $30,000. This is forecast to increase by 2% per month.
Credit sales accounted for 50% of sales. Credit sales customers are allowed one month to pay; 75% of April credit customers paid on time. A further 20% are expected to pay after more than one month, but before two months. The remaining 5% are not expected to pay. All these percentages are expected to continue in the near future.
Calculate the total amount of cash HI should forecast to be received in June 20X3.
Give your answer to the nearest whole $.
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
- A . The amount of the post-employment benefits paid to former employees depends on how well the scheme’s investments have performed.
- B . The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
- C . The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
- D . The employer may take a contributions holiday and stop paying contributions for a period, if the scheme’s assets appear to be more than are required to meet the scheme’s obligations.
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
- A . The amount of the post-employment benefits paid to former employees depends on how well the scheme’s investments have performed.
- B . The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
- C . The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
- D . The employer may take a contributions holiday and stop paying contributions for a period, if the scheme’s assets appear to be more than are required to meet the scheme’s obligations.
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
- A . The amount of the post-employment benefits paid to former employees depends on how well the scheme’s investments have performed.
- B . The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
- C . The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
- D . The employer may take a contributions holiday and stop paying contributions for a period, if the scheme’s assets appear to be more than are required to meet the scheme’s obligations.
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