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CIMA F1 : Financial Reporting

F1

Exam Code: F1

Exam Name: Financial Reporting

Updated: Jul 17, 2026

Q & A: 247 Questions and Answers

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CIMA F1 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Financial Statements45%- Statement preparation and IFRS application
  • 1. Prepare statement of profit or loss and other comprehensive income
  • 2. Prepare statement of financial position
  • 3. Statement of changes in equity and cash flows
Topic 2: Managing Cash and Working Capital25%- Cash and working capital management
  • 1. Receivables, payables and inventory management
  • 2. Working capital cycle and liquidity ratios
Topic 3: Regulatory Environment of Financial Reporting10%- Regulators and their role
  • 1. Corporate governance and ethical framework
  • 2. Role of IASB and IFRS Foundation
Topic 4: Principles of Taxation20%- Taxation fundamentals
  • 1. Tax implications and issues affecting taxation
  • 2. Types of tax and direct tax principles

CIMA Financial Reporting Sample Questions:

1. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:

Calculate the tax the entity is due to pay for the year ending 31 July 20X4.

A) $57,546
B) $44,160
C) $47,840
D) $39,174


2. The Code of Ethics lists five fundamental principles. One of these is.


3. An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.
Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.
Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.
Give your answer to the nearest whole $.


4. BCD's finance cost for the year ended 30 June 20X6 in its statement of profit or loss is $198,000. BCD's statement of financial position is as follows:

How much will be included in BCD's statement of cash flows for interest paid in the year ended 31 December 20X6?
Give your answer to The nearest $.


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

A) The amount of loans repaid during the year.
B) The amount of interest charged on loans during the year.
C) The amount of loans outstanding at the year end.
D) The amount of interest actually paid during the year.


Solutions:

Question # 1
Answer: C
Question # 2
Answer: Only visible for members
Question # 3
Answer: Only visible for members
Question # 4
Answer: Only visible for members
Question # 5
Answer: C

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