Best Preparations of F1 Exam 2024 CIMA Certification Unlimited 247 Questions [Q99-Q115]

QUESTION 99
The following information is extracted from OO’s statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.
The following information if included within OO’s statement of profit or loss for the year ended 31 March
20X2:

Included within finance cost is $124,000 which relates to interest paid on a finance lease. 00 includes finance lease interest within financing activities on its statement of cash flows.________________ Within OO’s statement of cash flow for the year ended 31 March 20X2 which figures should be included to reflect the changes in working capital within the net cash flow from operating activities?

QUESTION 100
Which of the following is a type of short-term finance?

QUESTION 101
Company RET’s financing activities are exactly 35% of their operating activities expenses each month. Below is a list of Company RET’s total expenses for this month:
Inventory supplies purchased: £145,000
Employee wages: £65,000
Purchase of a shop: £105,000
Dividend payments: ??
Cash repayments on loan: £61,000
What is company RET’s total dividends payment for this month?

QUESTION 102
On 1 January 20X2 an entity began work on constructing a factory. It purchased the land for $14 million, built the factory buildings for $11 million and installed plant and equipment for $7 million. The project was completed on 31 December 20X3 when the factory was deemed ready to use, however, the factory did not start operations until 1 June 20X4.
To fund the project the entity borrowed $25 million on 1 January 20X2, with interest at 10% per year.
The loan was repaid in full on 31 December 20X4.
Calculate the total amount to be added to the cost of property, plant and equipment in respect of the above development.
Give your answer to the nearest $ million.

QUESTION 103
What does the exemption method of giving double taxation relief mean?

QUESTION 104
Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

QUESTION 105
Which THREE of the following are principles identified by the Code of Ethics?

QUESTION 106
Which THREE of the following are included within an entity’s statement of profit or loss?

QUESTION 107
AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:

Which of the following is NOT an explanation of why the days have increased?

QUESTION 108
Which TWO of the following would improve a company’s short term cash flow position?

QUESTION 109
STU commenced trading on 1 January. Total sales for the month of January were $250,000. which were 75% on credit and 25% for cash. Sales are expected to increase by 10% a month Irrecoverable debts are estimated to be 5% of credit sales Of the credit sales expected to pay, 50% pay in the month following the sale and the remaining 50% the month after.
The cash expected to be received in February is:

QUESTION 110
Country ZZ allows the cost of a capital asset to be adjusted for an indexation allowance which takes into consideration the effect of inflation, although the indexation allowance cannot convert a chargeable gain into a chargeable loss.
The following data relates to the sale of an asset during the year ended 31 March 20X4:

Calculate the chargeable gain or loss in respect of the sale of this asset.
Give your answer to the nearest $.

QUESTION 111
Which of the following would NOT be a risk or impact of overtrading?

QUESTION 112
Identify which of the following are powers that a government would typically grant it’s tax authority by placing the appropriate response beside each power.

QUESTION 113
AB has prepared its financial statements for the year ended 31 July 20X5. On 15 September 20X5 a major fraud was uncovered by the external auditors which had taken place during the year to 31 July 20X5 The financial statements have not yet been authorised In accordance with IAS 10 Events After the Reporting Period, AB should treat the fraud as:

QUESTION 114
There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

QUESTION 115
Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ’s equity shares for $358,000 on 1 July 20X5 when IJ’s retained earnings were
$98,000.
FG acquired 100% of KL’s equity shares for $360,000 on 1 January 20X5 when KL’s retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the amount of retained earnings that will be included in FG’s consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.