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CIMA Financial Reporting : F1
- Exam Code: F1
- Exam Name: Financial Reporting
- Updated: Sep 19, 2026
- Q & A: 247 Questions and Answers
CIMA F1 Q&A - in .pdf
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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The Regulatory Environment of Financial Reporting | 10% | - Principles vs rules-based regulation - Ethics in financial reporting - Conceptual framework and regulatory bodies - IFRS Foundation and IASB structure |
| Principles of Taxation | 20% | - Deferred tax concepts - Current tax calculation - Tax system and types of taxes - Indirect taxes overview |
| Managing Cash and Working Capital | 25% | - Cash management and forecasting - Working capital cycle and objectives - Management of receivables, inventory and payables - Short-term financing options |
| Financial Statements | 45% | - Basic consolidated financial statements - Preparation of single entity financial statements
- Application of IFRS standards
|
CIMA Financial Reporting Sample Questions:
Question #1
BC manufactures product X and on 1 February 20X4 started a project to develop a new material for use in its production. The development project is due to be completed by 31 December 20X4 with the new material being used in production from 1 January 20X5. The development project costs have been reliably estimated at
$200,000 and it is anticipated that the new material will increase the margin achieved on product X by 20%.
You are a CIMA accountant within BC and are considering how to treat the development costs of $200,000 in the financial statements for the year ended 31 December 20X4.
In accordance with the ethical principle of professional competence and due care, which of the following statements correctly explains how these costs should be accounted for?
- A. Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.
- B. Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.
- C. Expense to profit or loss because the development has not changed the nature of product X.
- D. Expense to profit or loss because the development project will be completed by the end of the year.
Correct Answer: A 🗳️
Question #2
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.
What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?
- A. $476,000
- B. $450,000
- C. $480,000
- D. $440,000
Correct Answer: C 🗳️
Question #3
On 1 July 20X8 JKL has 100 units of inventory, which cost $8 each. The following transactions arose during the month of July:
JKL values inventory using the first in. first out method.
What is the value of JKL's inventory at 31 July 20X8?
Give your answer to the nearest $.
Correct Answer:
Pending
Question #4
BCD's finance cost for the year ended 30 June 20X6 in its statement of profit or loss is $198,000. BCD's statement of financial position is as follows:
How much will be included in BCD's statement of cash flows for interest paid in the year ended 31 December 20X6?
Give your answer to The nearest $.
Correct Answer:
Pending
Question #5
On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?
- A. The value of the lease liability on 1 January 20X6 is $273,000.
- B. The right of use asset is depreciated over 3 years.
- C. The value of the lease liability on 1 January 20X6 is $270,000.
- D. Initial direct costs of $3,000 are expensed in the statement of profit or loss.
- E. Monthly payments of $10r0OO are expensed in the statement of profit or loss.
- F. The value of the right of use asset on 1 January 20X6 is $273,000.
Correct Answer: B,C,F 🗳️
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