CIMA F1 : Financial Reporting

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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?

A) Number of suppliers
B) Discount offered by suppliers for early payment
C) Selling price of the goods being sold to the customer
D) Risk of non-payment
E) Bargaining power of the customer
F) Typical credit terms operating within the industry

2. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Set up an advisory committee then issue an exposure draft and then issue a discussion document.
B) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.
C) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
D) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.

3. Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?

A) It can be formal or actual.
B) It relates to the person or entity that ultimately bears the cost of the tax.
C) It only relates to the person or entity that actually pays the tax authorities.
D) It refers to the distribution of the tax burden.

4. EF has been offering its customers a 60 day credit period, but now wants to improve its cash flow.
EF is proposing to offer a 2% discount for payment in 15 days.
Assume a 365 day year and an invoice value of $100.
Which of the following is the effective annual interest rate EF will incur for this action?

A) 35.4%
B) 17.8%
C) 63.4%
D) 13.1%

5. Why are excise duties an attractive method of raising tax for governments?
Select TWO that apply.

A) High yields from the tax.
B) Low cost of collection compared to other forms of taxation.
C) Popular form of tax for the tax payer as it can be reclaimed.
D) Encourages consumption of products such as alcohol.
E) Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

Solutions: