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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A) The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
B) The gain on disposal is recognised in other comprehensive income
C) The property is depreciated based on its original cost up to the date ot disposal
D) The gam on disposal is recognised in the statement ot profit or loss
E) The property is depreciated based on its revalued amount up to the date of disposal
F) The remaining balance on the revaluation surplus is transferred to retained earnings

2. 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 $.

3. Which of the following is NOT a responsibility of the International Accounting Standards Board?

A) Withdrawal of international accounting reporting standards.
B) Final approval of interpretations by the international financial reporting interpretations committee.
C) Fundraising for the international accounting standards committee foundation.
D) Preparation of international financial reporting standards.

4. During the year a piece of equipment that originally cost $96,000, with accumulated depreciation of $39,000, met the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to be classified as held for sale.
The equipment is being advertised for sale at $46,000 and costs of $1,000 will be incurred to enable the sale to be completed.
At what value should the equipment be included in the statement of financial position at the year end assuming that it remains unsold?
Give your answer to the nearest whole number.

5. ST has an asset that was classified as held for sale at 30 June 20X4. The asset's carrying value was $230,000 and its fair value $210,000.
The cost of disposal was estimated to be $15,000.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which of the following values should be used for the asset in the statement of financial position as at 30 June 20X4?

A) $210,000
B) $215,000
C) $195,000
D) $230,000

Solutions: