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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?

A. The currency of the country whose competitive forces determine prices of goods and services.
B. The currency that mainly influences labour, material and other costs.
C. The currency that mainly influences selling prices of the entity's goods and services.
D. The currency used for published financial reports.

Question 2

There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

A. A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.
B. Sarbanes Oxley Act (SOX) is a rules-based approach to corporate governance.
C. Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
D. Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
E. Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.
F. Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.

Question 3

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?

A. Whether all the information and explanations necessary for the purposes of the audit have been received.
B. Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.
C. Whether the entity has kept proper accounting records.
D. Whether the entity has been exposed to any fraud.
E. Whether every transaction that underpins the financial statements has been correctly recorded.

Question 4

You work in the finance department of an entity. A director has approached you and asked you to falsify sales invoices which would significantly inflate revenue. The CIMA Code of Ethics suggests that you should deal with such an ethical dilemma by following a number of stages.
Place each of the stages identified below into chronological order.

Question 5

Mr AM is the owner of Waxco Ltd. Mr AM was born in India, but currently resides in the USA. He has gained dual Indian and American citizenship.
Mr AM first registered Waxco Ltd in the USA when he started the company ten years ago. However, because of lower costs, the company moved its central management station to Germany two years ago. Waxco Ltd has other smaller offices such as call centres across Asia, in locations such as Pakistan and Cambodia, however Waxco Ltd only currently sell goods in the USA.
Which of the countries mentioned are relevant for determining Waxco Ltd's competent jurisdiction?

A. Cambodia
B. Germany
C. Pakistan
D. India
E. The USA

Solutions: