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CIMA F1 Exam With Confidence Using Practice Dumps

Exam Code:
F1
Exam Name:
Financial Reporting
Certification:
Vendor:
Questions:
248
Last Updated:
Apr 4, 2025
Exam Status:
Stable
CIMA F1

F1: CIMA Operational Exam 2025 Study Guide Pdf and Test Engine

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Financial Reporting Questions and Answers

Question 1

When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

Options:

A.

Interest on a loan that was used to assist with its original purchase.

B.

Costs of constructing an extension to the building.

C.

Legal fees arising on the original purchase of the building.

D.

Estate agent's fee payable on its sale.

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Question 2

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

Options:

A.

The objective of financial statements

B.

Specification of the financial statements that must be presented

C.

Qualitative characteristics of financial statements

D.

Definition of the headings to use in financial statements

E.

The elements of financial statements

F.

The formats of financial statements

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?

Options:

A.

Whether the entity has kept proper accounting records.

B.

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

C.

Whether all the information and explanations necessary for the purposes of the audit have been received.

D.

Whether every transaction that underpins the financial statements has been correctly recorded.

E.

Whether the entity has been exposed to any fraud.