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CIMA F1 Exam Syllabus Topics:

Section	Weight	Objectives
The Regulatory Environment of Financial Reporting	10%	- IFRS Foundation and IASB structure - Conceptual framework and regulatory bodies - Ethics in financial reporting - Principles vs rules-based regulation
Managing Cash and Working Capital	25%	- Management of receivables, inventory and payables - Cash management and forecasting - Short-term financing options - Working capital cycle and objectives
Financial Statements	45%	- Interpretation and analysis of financial statements - Preparation of single entity financial statements 1. Statement of cash flows 2. Statement of changes in equity 3. Statement of financial position 4. Statement of profit or loss - Application of IFRS standards 1. IAS 36 Impairment of Assets 2. IFRS 16 Leases 3. IAS 16 Property, Plant and Equipment 4. IAS 2 Inventories - Basic consolidated financial statements
Principles of Taxation	20%	- Current tax calculation - Indirect taxes overview - Deferred tax concepts - Tax system and types of taxes

CIMA Financial Reporting Sample Questions:

1. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:

Calculate the tax the entity is due to pay for the year ending 31 July 20X4.

A) $57,546
B) $44,160
C) $47,840
D) $39,174

2. Which THREE of the following statements are true?

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

3. UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000 How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?
Give your answer to the nearest $.

4. Indicate the possible reasons for the changes identified below to working capital ratios by placing the appropriate reason against each change.

5. 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.