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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 3, 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

Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.

What type of tax is this duty?

Options:

A.

Specific unit tax

B.

Ad valorem tax

C.

Direct tax

D.

Single-stage sales tax

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Question 2

The following information relates to AA.

Extract of Trial Balance at 31 December 20X4;

Notes

(i) Inventory at 31 December 20X4 was valued at cost at $30.

(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.

(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.

(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:

What figures should be entered in the Statement of Profit or Loss for the year ended 31 December 20X4 in relation to Administration and Distribution costs?

Options:

A.

Adminsitration $136 Distribution $120

B.

Administration $120 Distribution $87

C.

Administration $141 Distribution $117

D.

Administration $146 Distribution $114

Question 3

At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:

The property has been revalued at $1,600,000.

How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?

Options:

A.

$400,000

B.

$1,190,000

C.

$1,600,000

D.

$810,000