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 F1 Dumps with Practice Exam Questions Answers

Questions: 248 questions

Last Update: Apr 16, 2024

F1 Question Includes: Single Choice Questions: 130, Multiple Choice Questions: 41, Hotspot: 12, Drag Drop: 11, Fill in the Blanks: 53,

F1 Exam Last Week Results!

20

Customers Passed
CIMA F1

94%

Average Score In Real
Exam At Testing Centre

93%

Questions came word by
word from this dump

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F1 Questions and Answers

Question # 1

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 $.

Question # 2

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

A.

Professional competence and expertise

B.

Professional behavior

C.

Understandability

D.

Professional competence and due care

E.

Confidentiality

F.

Neutral

Question # 3

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 value of property, plant and equipment to be recognized in FG's consolidated statement of financial position at 31 December 20X5.

Give your answer to the nearest whole $.

Question # 4

On 1 July 20X8 JKL has 100 units of inventory, which cost $8 each. The following transactions arose during the month of July:

JKL values inventory using the first in. first out method.

What is the value of JKL's inventory at 31 July 20X8?

Give your answer to the nearest $.

Question # 5

The following data relates to Company AB.

Statement of Profit or Loss for the year ended 30 June 20X4:

During the year ending 30 June 20X4, which was not a leap year, the average stock holding period was 102 days.

Calculate the working capital cycle in days.

Give your answer to the nearest full day.