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F1 PDF Practice Q&A's

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Multiple versions available

Unlike other study materials, there is only one version and it is not easy to carry. Our F1 exam questions mainly have three versions, as long as you have mobile electronics, you can learn anywhere at any time. Now, let me introduce you to our three versions. The first one is PDF version, it is very easy for you to download PDF, and it has two ways to use. On the one hand, you can browse and learn our F1 learning materials directly on the Internet. On the other hand, you can print it on paper so you can take notes. The second one is software version: this version can simulate a real test environment, which allows you to test the effect of using our F1 preparation practice. The third one is the APP version: it has the functions of mock test, timed test and online correction. And the most important thing is that these three versions are unlimited in number and frequency. You can choose the version you like to study to get the CIMA certification.

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CIMA F1 Exam Syllabus Topics:

SectionObjectives
Accounting Standards Application- Basic application of IFRS standards
  • 1. Inventory valuation methods
    • 2. Revenue recognition principles
      Financial Reporting Fundamentals- Financial Statements Preparation
      • 1. Statement of financial position
        • 2. Statement of profit or loss and other comprehensive income
          • 3. Statement of cash flows basics
            - Regulatory Framework
            • 1. Conceptual framework for financial reporting
              • 2. International Financial Reporting Standards (IFRS) principles
                Financial Statement Analysis- Performance analysis
                • 1. Ratio analysis
                  • 2. Trend analysis
                    - Interpretation of financial information
                    • 1. Assessment of profitability and liquidity
                      • 2. Limitations of financial statements

                        CIMA Financial Reporting Sample Questions:

                        What is the correct classification of a 90-day government bond?

                        Reveal Solution  Discussion  0

                        Correct Answer:


                        Which TWO of the following statements about accounting for associates are true?

                        • A. Intra associate transactions are not eliminated
                        • B. Unrealised profits are not adjusted for
                        • C. Intra associate transactions are eliminated
                        • D. Unrealised profits are adjusted for
                        Reveal Solution  Discussion  0

                        Correct Answer: A,D  🗳️

                        Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

                        • A. The objective of financial statements
                        • B. Specification of the financial statements that must be presented
                        • C. Definition of the headings to use in financial statements
                        • D. The elements of financial statements
                        • E. The formats of financial statements
                        • F. Qualitative characteristics of financial statements
                        Reveal Solution  Discussion  0

                        Correct Answer: A,D,F  🗳️

                        In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
                        The profits for the last four years of trading were:

                        What are the taxable profits or losses for years 20X1 and 20X2?

                        • A. 20X1 $10,000, 20X2 $113,000
                        • B. 20X1 $150,000, 20X2 $133,000
                        • C. 20X1 $150,000, 20X2 $nil
                        • D. 20X1 $143,000, 20X2 $ nil
                        Reveal Solution  Discussion  0

                        Correct Answer: D  🗳️

                        DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.
                        DE uses straight line depreciation for this asset.
                        On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.
                        Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

                        • A. $30,000
                        • B. $28,000
                        • C. $31,500
                        • D. $26,000
                        Reveal Solution  Discussion  0

                        Correct Answer: B  🗳️

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