CIMA : F1 Questions & Answers

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope of their audit, however they did run into problems in that they disagreed with the management on facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion of the business. Which of the following statements should auditor 0 issue?

A) Unqualified report
B) Adverse audit opinion
C) Disclaimer of opinion
D) Emphasis of matter
E) 'Except for' qualification

2. Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?

A) Tax will be payable at 25%.
B) Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
C) Tax will be payable at 20%.
D) No tax will be payable.

3. In accordance with the Conceptual Framework for Financial Reporting, which TWO of the following qualitative characteristics of useful financial information should be considered when selecting a measurement basis?

A) Timeliness
B) Verifiability
C) Relevance
D) Faithful representation
E) Comparability

4. Which TWO of the following are functions of the International Financial Reporting Standards (IFRS) Advisory Council?

A) To review new financial reporting issues not already covered by IFRS
B) To approve IFRSs for publication
C) To inform the International Accounting Standards Board of the views of organizations on major standard setting projects
D) To appoint the members of the International Accounting Standards Board
E) To give advice to the International Accounting Standards Board on agenda decisions and priorities in its work

5. Which of the following is a characteristic of a defined contribution post-employment benefit scheme?

A) 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.
B) The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
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 would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.

Solutions: