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There are many certificates for you to get but which kind of certificate is most authorized, efficient and useful? We recommend you the CIMA certificate because it can prove that you are competent in some area and boost outstanding abilities. If you buy our study materials you will pass the test smoothly and easily. We boost professional expert team to organize and compile the F1 training materials diligently and provide the great service which include the service before and after the sale, the 24-hours online customer service and refund service. Our F1 real quiz boosts 3 versions and varied functions to make you learn comprehensively and efficiently. The learning of our study materials costs you little time and energy and we update them frequently. To understand our F1 learning questions: Financial Reporting in detail please look at the introduction of our product as follow.

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

2. The auditor has identified a material but not pervasive mis-statement whilst undertaking the external audit of an entity's financial statements.
This will result in a modified audit report with the opinion being .

3. Which of the following is the responsibility of the International Financial Reporting Standards Interpretations Committee?

A) To provide a forum for interested parties to participate in the formulation of international financial reporting standards.
B) To provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.
C) The development and publication of new international financial reporting standards.
D) To advise the International Accounting Standards Board on the agenda and priorities for future work.

4. Country ZZ allows the cost of a capital asset to be adjusted for an indexation allowance which takes into consideration the effect of inflation, although the indexation allowance cannot convert a chargeable gain into a chargeable loss.
The following data relates to the sale of an asset ABC has the following working capital ratios at 31 December
20X2:
Dunng the year ended 31 December 20X4 credit purchases wefe $1,700,000 and at 31 December 20X4 the outstanding trade payables balance was $340,000 Calculate the working capital cycle for ABC.
Give your answer to the nearest whole number of days and assume there are 365 days in a year. March 20X4:

Calculate the chargeable gain or loss in respect of the sale of this asset.
Give your answer to the nearest $.

5. The legislation in Country S provides for an indexation allowance in the calculation of capital tax. STU operates in Country S where the indexation factor for the period 1 January 20X1 to 31 December 20X6 is 20% STU purchased a building for $64,000 on 1 January 20X1, incurring legal fees of $4,000. STU sold the building for $86,000 on 31 December 20X6 before selling fees of $3,500 What is the chargeable capital gam arising on STU's disposal of the building?

A) S11,600
B) $200
C) $5,700
D) S900

Solutions: