Brain CIMA F1 Exam | Exam F1 Pass Guide

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The F1 exam covers essential topics such as the principles and standards of financial reporting, international financial reporting, and various accounting practices. F1 exam is divided into three sections- The regulatory environment, The financial statements of limited companies, and Accounting for business combinations. Candidates are expected to have a strong understanding of accounting principles, laws, and regulations. Additionally, candidates must be proficient in using different accounting software and tools commonly used in the finance industry.

CIMA F1 exam is one of the eight mandatory modules a student needs to complete in order to become a Chartered Management Accountant (CMA). This module covers financial reporting, and it is aimed at students who want to learn how to create financial statements for different organizations. With F1 exam, you will be able to report financial performance accurately, and communicate financial information to the stakeholders in the most effective way.

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CIMA Financial Reporting Sample Questions (Q135-Q140):

At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:

The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?

  • A. $1,190,000
  • B. $810,000
  • C. $400,000
  • D. $1,600,000

Answer: B

In Country X, trading losses in any year can be carried back and set off against trading profits in the previous year, with any unrelieved losses carried forward to set against the first available trade profits in future years.
GH had the following taxable profits and losses in years 20X1 to 20X4:

What are the taxable profits for 20X4, assuming the most efficient use of the loss is made?

  • A. $95,000
  • B. $70,000
  • C. $65,000
  • D. $100,000

Answer: A

Which of the following is NOT a responsibility of the International Accounting Standards Board?

  • A. Preparation of international financial reporting standards.
  • B. Fundraising for the international accounting standards committee foundation.
  • C. Withdrawal of international accounting reporting standards.
  • D. Final approval of interpretations by the international financial reporting interpretations committee.

Answer: B

The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's ordinary share capital on 31 March 20X3.
The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its share capital was £37,000. NCI fair value on the date of acquisition was £31,000.
What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both the proportion of net assets method and the full good will method for valuing the non-controlling interest.

  • A. Proportion of net assets method = £5,000
  • B. Full goodwill method = £25,150
  • C. Proportion of net assets method = £77,150
  • D. Full goodwill method = £5,000
  • E. Proportion of net assets method = £25,150
  • F. Full goodwill method = £57,000

Answer: D,E

XY is an entity incorporated in Country B but operates in several countries. Monthly management meetings to decide on strategic matters take place in Country A, where the majority of its production happens. XY sells most of its goods to Country C.
In accordance with the Organization for Economic Co-operation and Development (OECD) rules on corporate residence which of the following statements is true?

  • A. XY is resident in Country A because this is the country of its effective management.
  • B. XY is resident in Country C because this is the country where XY generates most of its revenue.
  • C. XY is resident in Country B because this is the country of its incorporation.
  • D. XY is resident in Country A because this is the country where XY undertakes most of its production.

Answer: A


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