CIMA certification practice

CIMAPRA19-F01-1 Practice Questions

Try 10 free CIMAPRA19-F01-1 exam-style questions for F1 Financial Reporting. Check each answer and review the explanation and source references.

Exam code
CIMAPRA19-F01-1
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CIMA
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10
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An entity has a number of subsidiary and associate investments. Which of the following must be disclosed in the entity's separate financial statements if it is exempt from presenting consolidated financial statements?
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It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs £5.00 to package product H and £15 to deliver product H to customers. PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price. Which of the below options represent the correct inventory price for product I?
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Which of the following is a feature of value added tax (VAT)?
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AA manufactures computers. These are sold to BB at $100 a computer plus a 5% sales tax. BB subsequently sells the computers to CC for $200 a computer plus a 5% sales tax. C sells the computers to customers at $300 a computer plus a 5% sales tax. The total tax received by the tax authority is $30. Which type of tax is described above?
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From the list below identify the item that appears in the statement of financial position.
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Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?
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Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?
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Which of the following is a feature of a direct tax?
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In Country X, trading losses in any year can be carried back and set off against trading profits in the previous year, with any unrelieved losses carried forward to set against the first available trade profits in future years. GH had the following taxable profits and losses in years 20X1 to 20X4: CIMA CIMAPRA19 F01 1 question What are the taxable profits for 20X4, assuming the most efficient use of the loss is made?
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CORRECT TEXT AAA has the following working capital ratios at 30 March 20X4: CIMA CIMAPRA19 F01 1 question During the year ended 30 March 20X4 credit purchases were $3,600 and at 30 March 20X4 the outstanding trade payables amounted to $522. The year ended 30 March 20X4 was not a leap year. Calculate the working capital cycle for AAA. Give your answer to one decimal place.

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