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CIMAPRA19-F01-1 Exam

Certification Provider: CIMA
Exam Name: F1 Financial Reporting
Number of questions in our database: 177
Exam Version: Nov. 23, 2023
CIMAPRA19-F01-1 Exam Official Topics:
  • Topic 1: Explain specific financial reporting standards/ Managing cash and working capital
  • Topic 2: Idendtify regulators and describe their role/ Explain and calculate operating and cash cycles
  • Topic 3: Apply different techniques used to manage working capital/ Regulatory environment of financial reporting
  • Topic 4: Distinguish between the types and sources of short-term finance/ Apply corporate governance principales to financial reporting
  • Topic 5: Apply financial reporting standards to prepare basic financial statements/ End of topic revision and question practice
  • Topic 6: Indentify the main elements of financial statements/ Revise and practice questions under exam conditions

Free CIMA CIMAPRA19-F01-1 Exam Actual Questions

The questions for CIMAPRA19-F01-1 were last updated On Nov. 23, 2023

Question #1

The following information is extracted from OO's statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.

The following information if included within OO's statement of profit or loss for the year ended 31 March 20X2:

Included within finance cost is $124,000 which relates to interest paid on a finance lease. 00 includes finance lease interest within financing activities on its statement of cash flows.________________

Within OO's statement of cash flow for the year ended 31 March 20X2 which figures should be included to reflect the changes in working capital within the net cash flow from operating activities?

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Correct Answer: C

Question #2

An entity's policy is to finance the investment in working capital using short-term financing to fund all of its investment in fluctuating net current assets as well as some of its investment in permanent net current assets.

What is this working capital financing policy known as?

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Correct Answer: C

Question #3

The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.

2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.

3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.

4. PQ uses the fair value method for non-controlling interest at acquisition.

Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.

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Correct Answer: B

Question #4

The following information relates to AA.

Extract of Trial Balance at 31 December 20X4;


(i) Inventory at 31 December 20X4 was valued at cost at $30.

(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.

(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.

(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:

What figures should be entered on the face of the Statement of profit or Loss for the year ended 31 December 20X4 in relation to Interest and Corporate income tax?

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Correct Answer: A

Question #5

Which of the following would NOT be classified as part of non-current assets in a statement of financial position?

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Correct Answer: D

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