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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. 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 $.

2. 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) $1,600,000
B) $1,190,000
C) $400,000
D) $810,000

3. AAA has the following working capital ratios at 30 March 20X4:

During the year ended 30 March 20X4 credit purchases were $3,600 and at 30 March 20X4 the outstanding trade payables amounted to $522.
The year ended 30 March 20X4 was not a leap year.
Calculate the working capital cycle for AAA.
Give your answer to one decimal place.

4. Which of the following is NOT a primary need for regulating financial reporting information of incorporated entities?

A) To improve the reliability of information for users.
B) To make information more comparable.
C) To ensure that information is consistent with its legal form.
D) To make information more consistent.

5. A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

A) debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.
B) credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.
C) debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.
D) credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.

Solutions: