CIMA CIMAPRA19-F01-1 practice materials Questions Answers

Exam Code:
CIMAPRA19-F01-1
Exam Name:
F1 Financial Reporting Exam
Last Update:
Jun 01,2026

177 Questions Answers Verified by Experts!


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Page: 1 / 39
Total Questions: 194

Questions & Answers PDF

• Question 1

  

  On 1 January 20X2 an entity began work on constructing a factory. It purchased the land for $14 million, built the factory buildings for $11 million and installed plant and equipment for $7 million. The project was completed on 31 December 20X3 when the factory was deemed ready to use, however, the factory did not start operations until 1 June 20X4.To fund the project the entity borrowed $25 million on 1 January 20X2, with interest at 10% per year.The loan was repaid in full on 31 December 20X4.Calculate the total amount to be added to the cost of property, plant and equipment in respect of the above development.Give your answer to the nearest $ million.

  Reveal Answer Answer: Next Question

• Question 2

  

  Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.What is BB's liability to tax in Country Y in respect of the dividend income received?

  • No tax will be payable.
  • Tax will be payable at 20%.
  • Tax will be payable at 25%.
  • Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.

  Reveal Answer Answer: A Next Question

• Question 3

  

  It costs PWR 7.50 to produce product H, per product. Product H is typically sold for 89.99. It costs 5.00 to package product H and 15 to deliver product H to customers.PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price.Which of the below options represent the correct inventory price for product I?

  • 2.50
  • 7.50
  • 20.00
  • 3.50

  Reveal Answer Answer: A Next Question

• Question 4

  

  Why are excise duties an attractive method of raising tax for governments?Select TWO that apply.

  • Low cost of collection compared to other forms of taxation.
  • High yields from the tax.
  • Encourages consumption of products such as alcohol.
  • Popular form of tax for the tax payer as it can be reclaimed.
  • Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

  Reveal Answer Answer: A, B Next Question

• Question 5

  

  YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

  • A balancing allowance of $1,500 increases taxable profit.
  • A balancing allowance of $1,500 reduces taxable profit.
  • A balancing charge of $1,500 reduces taxable profit.
  • A balancing charge of $1,500 increases taxable profit.

  Reveal Answer Answer: D Next Question

• Question 6

  

  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?

  • Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
  • A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
  • Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
  • The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of $150,000.

  Reveal Answer Answer: B Next Question

• Question 7

  

  GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?Give your answer to the nearest $.

  Reveal Answer Answer: Next Question

• Question 8

  

  If a parent entity is to be exempt from preparing consolidated financial statements it needs to satisfy certain conditions according to IFRS 10 Consolidated Financial Statements.Which TWO of the following are conditions that need to be satisfied to be exempt?

  • The parent entity is itself a wholly owned subsidiary of another entity.
  • The ultimate parent of the parent entity publishes consolidated financial statements which are publicly available.
  • The parent 's investment in its subsidiaries are all below 100%.
  • The parent entity has no more than 10 subsidiaries or associated entities.
  • The parent entity has subsidiaries, one or more of which publishes consolidated financial statements.

  Reveal Answer Answer: A, B Next Question

• Question 9

  

  Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?

  • Typical credit terms operating within the industry
  • Risk of non-payment
  • Selling price of the goods being sold to the customer
  • Bargaining power of the customer
  • Number of suppliers
  • Discount offered by suppliers for early payment

  Reveal Answer Answer: A, B, D Next Question

• Question 10

  

  AA manufactures computers. These are sold to BB at $100 a computer plus a 5% sales tax. BB subsequently sells the computers to CC for $200 a computer plus a 5% sales tax. C sells the computers to customers at $300 a computer plus a 5% sales tax.The total tax received by the tax authority is $30.Which type of tax is described above?

  • Single-stage sales tax
  • Value added tax
  • Retail tax
  • Multi-stage cumulative sales tax

  Reveal Answer Answer: D Next Question

Page: 1 / 39
Total Questions: 194

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