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Get Highest Marks with CIMA F1 Dumps with 20% Off

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Get Highest Marks with CIMA F1 Dumps with 20% Off

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  1. CIMA F1 Financial Reporting and Taxation https://www.realexamdumps.com/cima/f1-practice-test.html

  2. Syllabus Topics

  3. Exam Summary F1 is designed to cover the regulation and preparation of financial statements and how the information contained in them can be used. It provides the competencies required to produce financial statements for both individual entities and groups using appropriate international financial reporting standards. It also gives insight into how to effectively source and manage cash and working capital, which are essential for both the survival and success of organisations. The final part focuses on the basic principles and application of business taxation. The competencies gained from F1 form the basis for developing further insights into producing and analysing complex group accounts (covered in F2) and formulating and implementing financial strategy (covered in F3).

  4. Exam Information

  5. Sample Questions CIMA F1 Sample Question 1 On 1 January 20X2 an entity began work on constructing a factory. It purchased the land for $14 million, built the factory buildings for $11 million and installed plant and equipment for $7 million. The project was completed on 31 December 20X3 when the factory was deemed ready to use, however, the factory did not start operations until 1 June 20X4. A. To fund the project the entity borrowed $25 million on 1 January 20X2, with interest at 10% per year. B. The loan was repaid in full on 31 December 20X4. C. Calculate the total amount to be added to the cost of property, plant and equipment in respect of the above development. D. Give your answer to the nearest $ million. ANSWER : $37 million

  6. CIMA F1 Sample Question 2 DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it. Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees. Select ALL that apply. A. The employee will be able to deal with tax authority directly to make payments. B. The employee will avoid being charged penalties for paying late. C. The employee will calculate their own tax payment. D. The employee does not have to complete a self assessment tax return. E. The employee does not have to budget for their tax payments because the tax is deducted at source. ANSWER : B, D, E

  7. CIMA F1 Sample Question 3 RS purchased an asset on 1 May 20X1 for $200,000, exclusive of import duties of $25,000. The asset was sold on 1 December 20X3 for $450,000, incurring costs to sell of $15,000. RS is resident in Country Y where indexation is allowable from the date of purchase to the date of sale. RS is resident in Country Y where indexation is allowable from the date of purchase to the date of sale. Capital gains are taxed at 25%. What is the capital tax due from RS on disposal of the asset? A. $120,000 B. $38,750 C. $30,000 D. $28,500 ANSWER : C

  8. CIMA F1 Sample Question 4 Which of the following is a characteristic of a defined contribution post-employment benefit scheme? A. The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed. B. The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits. 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 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. ANSWER : A

  9. CIMA F1 Sample Question 5 LM is preparing its cash forecast for the next three months. Which of the following items should be left out of its calculations? A. Tax payment due, that relates to last year's profits. B. Receipt of a new bank loan raised for the purpose of purchasing new machinery. C. Expected loss on the disposal of a piece of land. D. Rental payment on a leased vehicle. ANSWER : C

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