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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Entity T operates within several countries, but its country of residence is Country F. In 20X5, Entity T made $8.4 million in Country M. Country M has a flat rate corporation tax of 5.9%.
Country F and Country M operate a double taxation treaty which uses a foreign tax credit system. In Country F, there is a tax of 10% tax on all foreign income.
Taking into account the credit, what is the total tax liability that Entity T owes on its Country M income, in Country F?

A) $840,000
B) $495,600
C) $344,400
D) $450,000

2. XY is an entity incorporated in Country B but operates in several countries. Monthly management meetings to decide on strategic matters take place in Country A, where the majority of its production happens. XY sells most of its goods to Country C.
In accordance with the Organization for Economic Co-operation and Development (OECD) rules on corporate residence which of the following statements is true?

A) XY is resident in Country A because this is the country of its effective management.
B) XY is resident in Country A because this is the country where XY undertakes most of its production.
C) XY is resident in Country B because this is the country of its incorporation.
D) XY is resident in Country C because this is the country where XY generates most of its revenue.

3. Which of the following is NOT a feature of a multi-stage sales tax?

A) Credit may not be allowed for taxes paid on sales within the chain from manufacturer through to retailer.
B) Tax is applied at the retail level only and not at production level.
C) Tax is charged each time a product is sold in the chain from manufacturer through to retailer.
D) The entire tax burden is usually passed to the final consumer.

4. EFG purchased an asset on 1 January 20X5 for $24,000. On that date its useful life was 5 years and residual value was expected to be nil. EFG calculates depreciation on a pro-rata basis.
The asset is reclassified as held for sale on 1 October 20X8 and is unsold on 31 December 20X8.
It is expected that the asset will be sold for S6;300 and that selling costs will be S500.
What is the amount that this asset will be included at in EFG's statement of financial position at 31 December 20X8?
Give your answer to the nearest $.

5. In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

A) The amount paid when the asset was purchased.
B) The present value of future cash flows generated from the asset.
C) The cost to acquire an equivalent asset at the measurement date.
D) The amount that would be received on the sale of the asset.

Solutions: