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CIMA F1 Practice Test Questions Answers

Exam Code: F1 (Updated 248 Q&As with Explanation)
 Exam Name: Financial Reporting
 Last Update: 02-Jul-2025
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Questions Include:

  • Single Choice: 130 Q&A's
  • Multiple Choice: 41 Q&A's
  • Hotspot: 12 Q&A's
  • Fill in the Blanks: 53 Q&A's
  • Drag Drop: 11 Q&A's

    • F1 Overview

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    F1 Questions and Answers

    Question # 1

    Which THREE of the following would be included in a cash budget?

    A.

    Interest payments

    B.

    Depreciation on machinery

    C.

    Salaries paid to staff

    D.

    Impairment of goodwill

    E.

    Profit on disposal of motor vehicle

    F.

    Dividends received from associate

    Question # 2

    In accordance with IAS 16 Property, Plant and Equipment, in which of the following situations would subsequent expenditure on a non-current asset be capitalised?

    A.

    An entity purchased an aircraft five years ago, when its engines were separately identified in the accounting records. The engines now need to be replaced at a cost of $2 million each. When the engines are replaced the aircraft is expected to be airworthy for a further 5 years.

    B.

    An entity's head office building suffered a major fire, the upper floors and roof were completely destroyed. The entity proposes to restore the building at a cost of $1 million and move back in to the building to use it as a head office again.

    C.

    An entity's delivery vehicle was in a car park when the car park was flooded. The engine and interior of the vehicle needed extensive repair and renovation costing $25,000.

    D.

    A manufacturing entity closes its factory for two weeks each summer for routine maintenance and repairs. The current year's cost of maintenance and repairs was $62,000.

    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.

    A.

    $10,000

    B.

    $2,000

    C.

    $4,000

    D.

    $3,200

    Question # 4

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

    A.

    Gain or loss on revaluation of a non-current asset

    B.

    Income from investments

    C.

    Dividends paid

    D.

    Increase or decrease in provision for irrecoverable debts

    Question # 5

    Mr K is being pressured by his manager to change figures in his report so that it will improve his manager's bonus.

    His manager has promised Mr K a promotion if he agrees to do this.

    What threats is Mr K facing?

    A.

    Intimidation and familiarity

    B.

    Familiarity and self-interest

    C.

    Self-review and advocacy

    D.

    Intimidation and self-interest

    Free F1 CIMA Exam Questions 6 to 25
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