Most candidates gravitate toward the simulator version, and for good reason — it recreates the real test scene, records every practice attempt, and points out the questions you got wrong so you can repeat them until they are mastered. The CIMA Financial Reporting PDF at LatestCram covers the paper-and-pen side of study.
CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Topic 2: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 3: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 4: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
Preparing for F1 with Feedback That Corrects You
- Principles of Taxation (20%)
- Financial Statements (45%)
- Regulatory Environment of Financial Reporting (10%)
CIMA Financial Reporting Sample Questions:
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 $.
Correct Answer:
$98300
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.
Correct Answer:
$21875
Which of the following would NOT be classified as part of non-current assets in a statement of financial position?
- A. Assets held for sale, classified in accordance with IFRS 5 Non-current Assets Held for Sales and Discontinued Operations.
- B. A property held as an investment which is let to tenants.
- C. The goodwill arising on the acquisition of a subsidiary.
- D. The interest paid on a loan raised to fund the construction of a factory, where that factory is still not ready for its intended use.
Correct Answer: A 🗳️
MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?
- A. Factoring
- B. Certificate of deposit
- C. Overdraft
- D. Bill of exchange
Correct Answer: D 🗳️
Which of the following does the phrase 'events after the reporting period' refer to?
- A. Material events which occur between the income statement date and the statement of financial position date
- B. Material events which occur after the release of the statement of financial position
- C. Material events which occur between the statement of financial position date and the date on which the financial statements are approved
- D. Material events which occur before the statement of financial position date
Correct Answer: C 🗳️
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Jeffrey 
Aaron 
