Most Recent CIMAPRA19-F01-1 Exam Dumps

Prepare for the CIMA F1 Financial Reporting exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the CIMAPRA19-F01-1 exam and achieve success.

The questions for CIMAPRA19-F01-1 were last updated on Apr 2, 2025.

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Question No. 1

UV's financial statements for the year ended 31 March 20X8 were approved for publication on 30 June 20X8.

In accordance with IAS 10 Events After the Reporting Period, which of the following material events would have been classified as a non-adjusting event in these financial statements?

AOn 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.

BOn 10 April 20X8 UV received a communication stating that one of its customers had ceased trading and gone into liquidation. The balance outstanding at 31 March 20X8 was unlikely to be paid.

COn 1 June 20X8 UV was awarded damages of $70,000 in respect of a legal claim that it had made against the local government authority in October 20X7.

DOn 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.

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Correct Answer: D

Question No. 2

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

AA new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.

BA system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.

COne customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.

DIt was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.

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Correct Answer: D

Question No. 3

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?

AReduce the selling price of goods to reduce the holding of stock.

BOffer early settlement discounts to encourage debtors to pay more quickly.

CSell some surplus fixed assets.

DInvest in a short term deposit with the bank.

EShorten the time taken to pay creditors.

FPay a dividend to shareholders.

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Correct Answer: A, B, C

Question No. 4

Which of the following is a type of short-term finance?

ATrade payables

BTrade receivables

CInterest bearing bank deposit

DLoan repayable in five years

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Correct Answer: A

Question No. 5

Company R use a defined benefit plan pension scheme. Employee UW has been working for Company R for 25 years. The defined benefit plan is 1.5% of the employee's annual salary during their time at the company, for every year of employment.

Employee UW started on a 18,000 per annum salary. After 10 years of employment. Employee UW received a promotion and began earning 22,000. After another 3 years of employment. Employee UW got promoted to a wage of 35,000, and is still on this salary now. How much pension has Employee UW accumulated since working at Company R?

A9,900

B18,000

C6,750

D9,375

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Correct Answer: A

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