Most Recent CIMAPRA19-F01-1 Exam Questions & Answers

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 Jan 17, 2025.

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Question No. 1

From the list below identify the item that appears in the statement of financial position.

AThe amount of interest charged on loans during the year.

BThe amount of loans outstanding at the year end.

CThe amount of loans repaid during the year.

DThe amount of interest actually paid during the year.

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Correct Answer: B

Question No. 2

The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.

Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

AInventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.

BA fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.

CNotification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.

DThe completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of $150,000.

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Correct Answer: B

Question No. 3

Which THREE of the following are principles identified by the Code of Ethics?

AProfessional competence and expertise

BProfessional behavior

CUnderstandability

DProfessional competence and due care

EConfidentiality

FNeutral

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Correct Answer: B, D, E

Question No. 4

What does the tax credit method of giving double taxation relief mean?

ATax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the lower of the foreign or country of residency tax.

BTax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the higher of the foreign or country of residency tax.

CTax relief is gained by deducting the foreign tax from the foreign income so that only the 'net' amount will be subject to tax in the country of residency.

DThe countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

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Correct Answer: A

Question No. 5

Which of the following is a condition that has to be met for an entity to be exempt the requirement to prepare consolidated financial statements?

AThe parent entity's debt or equity instruments are not traded in a public market.

BThe parent entity's equity instruments are only traded in one country.

CThe parent's equity has a nominal value of less than $1 million.

DThe parent's net asset value is less than $1 million.

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Correct Answer: A

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