CIMA F1 : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is a feature of value added tax (VAT)?

A) Entities cannot register for VAT if the value of their taxable supplies is below the registration threshold.
B) Only registered entities can charge VAT on sales or recover VAT paid on purchases.
C) Entities that make only standard-rated or zero-rated supplies have their right to recover input tax restricted.
D) The value of all supplies must be taken into account when determining whether the registration threshold has been exceeded.

2. BBB has been experiencing liquidity problems and currently has an overdraft with the bank.
Which THREE of the following would be appropriate measures to help address this problem?

A) Sell some surplus fixed assets.
B) Invest in a short term deposit with the bank.
C) Reduce the selling price of goods to reduce the holding of stock.
D) Offer early settlement discounts to encourage debtors to pay more quickly.
E) Pay a dividend to shareholders.
F) Shorten the time taken to pay creditors.

3. Identify which of the following are powers that a government would typically grant it's tax authority by placing the appropriate response beside each power.

4. KL has just completed their inventory count and has ascertained that the cost value of the inventory is
$460,000; this was made up of 10,000 units of component part FF.
A week before the year end the FF components were moved to a temporary warehouse.
Two weeks later they were inspected and found to have been damaged by the damp conditions in the temporary warehouse.
Of the 10,000 units 2,500 of them were damaged. After remedial work of $5.00 per unit KL anticipates they will be able to sell the damaged parts for $32.00 per unit.
What is the value for closing inventory to be included in the financial statements of KL?
Give your answer to the nearest $.

5. Which of the following are techniques that can be used by a company to ensure they receive timely payment of receivables? Select ALL that apply:

A) Offering free items
B) Assessing credit risk of customers before they are given credit
C) Offering extended credit to return customers
D) Charging interest on late payments
E) Offering cash or early payment discount

Solutions: