CIMA Operational F1 Syllabus Exam Questions Answers

Financial Reporting Questions and Answers

Question 37

In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

Options:

The amount paid when the asset was purchased.

The present value of future cash flows generated from the asset.

The cost to acquire an equivalent asset at the measurement date.

The amount that would be received on the sale of the asset.

Question 38

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

Options:

The objective of financial statements

Specification of the financial statements that must be presented

Qualitative characteristics of financial statements

Definition of the headings to use in financial statements

The elements of financial statements

The formats of financial statements

Question 39

What does the exemption method of giving double taxation relief mean?

Options:

The countries agree that all types of income will be exempt or partially exempt in one country or the other.

The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

The countries agree on certain types of income which will be exempt or partially exempt in both countries.

The countries agree that all types of income will be exempt or partially exempt in both countries.

Question 40

DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.

DE uses straight line depreciation for this asset.

On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.

Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

Options:

$28,000

$26,000

$30,000

$31,500

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CIMA Operational F1 Syllabus Exam Questions Answers

Financial Reporting Questions and Answers

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CompTIA

Fortinet

Microsoft

Salesforce