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CIMA F1 exam is an essential certification for anyone who wants to pursue a career in finance, accounting or auditing. It equips students with the skills and knowledge required to produce financial statements that are in compliance with international financial reporting standards. Students who successfully pass the CIMA F1 exam are well-positioned to advance their careers in the finance industry.

CIMA F1 (Financial Reporting) Certification Exam is ideal for finance professionals who are looking to enhance their knowledge and skills in financial reporting. It is also suitable for those who are looking to pursue a career in finance or accounting. Financial Reporting certification is recognized globally by employers and is an excellent way to demonstrate your proficiency in financial reporting.

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CIMA F1 exam is recognized worldwide, making it an essential qualification for anyone who aspires to a career in finance. It is a challenging exam that requires candidates to have a thorough understanding of financial reporting concepts as well as the capacity to apply this knowledge in practical situations. To pass the exam, candidates are required to demonstrate their mastery of financial reporting principles and their ability to prepare basic financial statements competently.

CIMA Financial Reporting Sample Questions (Q232-Q237):

NEW QUESTION # 232
Which TWO of the following are functions of the International Financial Reporting Standards (IFRS) Advisory Council?

A. To inform the International Accounting Standards Board of the views of organizations on major standard setting projects
B. To appoint the members of the International Accounting Standards Board
C. To review new financial reporting issues not already covered by IFRS
D. To give advice to the International Accounting Standards Board on agenda decisions and priorities in its work
E. To approve IFRSs for publication

Answer: A,D

NEW QUESTION # 233
XY acquired 75% of the equity shares of CD on 1 January 20X2 for $230,000.
On 1 January 20X2 CD had the following balances:

XY uses the proportionate share of net assets method to value non controlling interest at acquisition.
Calculate the goodwill arising on the acquisition of CD.
Give your answer to nearest whole number.

Answer:

Explanation:
$5000

NEW QUESTION # 234
Which THREE of the following actions, considered in isolation, would increase the working capital cycle of an entity?

A. Remove a prompt payment discount available to customers.
B. Change to a Just-in-Time approach to manage inventory.
C. Take longer to pay suppliers for purchases.
D. Take advantage of new bulk purchase discounts available.
E. Increase the credit period available to customers.
F. Reduce the selling prices charged to customers.

Answer: A,D,E

NEW QUESTION # 235
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 amount of retained earnings that will be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

Answer:

Explanation:
$709200

NEW QUESTION # 236
BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000.
The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years.
The residual value remains unchanged at $2,000.
What is the depreciation charge for this plant for the year ended 31 December 20X8?
Give your answer to the nearest $.

Answer:

Explanation:
$1,688

NEW QUESTION # 237
......

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