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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?

A. Overdraft
B. Factoring
C. Bill of exchange
D. Certificate of deposit

Question 2

Mr AM is the owner of Waxco Ltd. Mr AM was born in India, but currently resides in the USA. He has gained dual Indian and American citizenship.
Mr AM first registered Waxco Ltd in the USA when he started the company ten years ago. However, because of lower costs, the company moved its central management station to Germany two years ago. Waxco Ltd has other smaller offices such as call centres across Asia, in locations such as Pakistan and Cambodia, however Waxco Ltd only currently sell goods in the USA.
Which of the countries mentioned are relevant for determining Waxco Ltd's competent jurisdiction?

A. Pakistan
B. Cambodia
C. The USA
D. Germany
E. India

Question 3

Which THREE of the following statements are true?

A. Balancing allowances reduce the taxable profit.
B. Balancing allowances increase the taxable profit.
C. Tax depreciation replaces accounting depreciation when calculating the taxable profit.
D. Balancing charges reduce the taxable profit.
E. Tax depreciation increases the taxable profit.
F. Balancing charges increase the taxable profit.

Question 4

EFG prepares financial statements to 31 December each year. EFG has the following receivable days based on the year end receivable balances:

Which of the following would be a reason for this decrease in receivable days?

A. EFG transferred collection of all receivables to a factoring agency during 20X2.
B. EFG's revenue for 20X2 increased as a result of competitive pricing.
C. EFG's largest customer negotiated an increase in credit terms during 20X2.
D. EFG employed an inexperienced credit controller in November 20X2.

Question 5

XYZ has the following data relating to the forecast sale of goods for the quarter to 31 December 20X2:

XYZ expects trade receivables to be settled as follows:
* 20% in the month of sale, by offering a settlement discount of 5%;
* 30% in the month following sale, and
* the remainder, after allowing for irrecoverable debts, in the subsequent month
$10,000 of the sales made in October 20X2 are expected to be irrecoverable What is the forecast amount to be received by XYZ from trade receivables in December 20X2?

A. $123 000
B. $132,000
C. $133 000
D. $122000

Solutions: