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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is the most appropriate definition of the term 'factoring'?

A) Where a business is provided with a highly flexible regular source of short-term finance by a bank
B) Where a business borrows a loan with short-term conditions from a third party
C) Where a business sells its accounts receivable to a third party at a discount
D) Where a business sells equity to third parties to gain short-term finance

2. It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs £5.00 to package product H and £15 to deliver product H to customers.
PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price.
Which of the below options represent the correct inventory price for product I?

A) £7.50
B) £2.50
C) £3.50
D) £20.00

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. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Offset the trading loss against group entity profits.
B) Offset the trading loss against capital gams in previous periods
C) Offset The trading loss against its trading profits in future periods
D) Carry the trading loss backwards against trading profits in previous periods.

5. The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.
The directors of JK have refused to change the financial statements.
What type of modified audit report should be issued?

A) Emphasis of matter opinion
B) Adverse opinion
C) Disclaimer of opinion
D) Qualified opinion

Solutions: