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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1.

2. Which of the following would be found under the heading "other comprehensive income" in the statement of total comprehensive income?

A) Dividends paid
B) Income from investments
C) Gain or loss on revaluation of a non-current asset
D) Increase or decrease in provision for irrecoverable debts

3. For the year ending 31 March 20X2, MN made an accounting profit of $120,000. Profit included $8,500 of political donations which are disallowable for tax purposes and $8,000 of income exempt from taxation.
MN has $15,000 of plant and machinery which was acquired on 1 April 20X0 and purchased a new machine costing $25,000 on 1 April 20X1. This new machine is entitled to first year allowances of 100% instead of the usual tax depreciation of 20% reducing balance. All plant and machinery is depreciated in the accounts at 10% on cost.
MN also has a building that cost $120,000 on 1 April 20X0 and is depreciated in the accounts at 4% on a straight line basis. Tax depreciation is calculated at 3% on a straight line basis.
Calculate the taxable profit.
Give your answer to the nearest $.

4. XY purchased a building on 1 April 20X1 for $300,000 with a useful economic life of 30 years. On 1 April
20X7 the building was revalued at $525,000.
What will the new depreciation charge be following the revaluation?
Give your answer as a whole number.

5. Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.
What type of tax is this duty?

A) Specific unit tax
B) Ad valorem tax
C) Direct tax
D) Single-stage sales tax

Solutions: