CIMA F1

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CIMA Financial Reporting Sample Questions:

1. Which of the following is NOT a source of short-term finance?

A) Increase in trade payables
B) Debt factoring
C) Increase in a bank overdraft
D) Increase in trade receivables

2. Which TWO of the following are features of a bank overdraft?

A) Repayments are scheduled in advance
B) The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.
C) The bank cannot demand repayment of the overdraft before the end of the agreed period.
D) Interest is charged on the balance outstanding.
E) A fixed amount of interest is determined for the period of the overdraft

3. ST has an asset that was classified as held for sale at 30 June 20X4. The asset's carrying value was $230,000 and its fair value $210,000.
The cost of disposal was estimated to be $15,000.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which of the following values should be used for the asset in the statement of financial position as at 30 June 20X4?

A) $195,000
B) $230,000
C) $215,000
D) $210,000

4. Which of the following is a characteristic of a defined contribution post-employment benefit scheme?

A) The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
B) The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
C) The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
D) The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.

5. XYZ has the following data relating to the forecast sale of goods for the quarter to 31 December 20X2:

XYZ expects trade receivables to be settled as follows:
* 20% in the month of sale, by offering a settlement discount of 5%;
* 30% in the month following sale, and
* the remainder, after allowing for irrecoverable debts, in the subsequent month
$10,000 of the sales made in October 20X2 are expected to be irrecoverable What is the forecast amount to be received by XYZ from trade receivables in December 20X2?

A) $122000
B) $132,000
C) $123 000
D) $133 000

Solutions: