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CIMA F1 Exam Dumps Questions and Answers

Exam Code: F1
Certification: CIMA Operational
Vendor: CIMA
Last Update: Nov 23, 2024
Questions: 248 With Expert Explanation
10  Customers Passed CIMA F1
92%  Average Success In Real Exam
87%  Questions came word by word from this dump
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Financial Reporting Questions and Answers

Questions 1

What does the tax credit method of giving double taxation relief mean?

Options:

A.

Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the lower of the foreign or country of residency tax.

B.

Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the higher of the foreign or country of residency tax.

C.

Tax relief is gained by deducting the foreign tax from the foreign income so that only the "net" amount will be subject to tax in the country of residency.

D.

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

Questions 2

Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

Options:

A.

Are involved in the technical matters relating to accounting standards

B.

Are mainly from Europe and the USA

C.

Receive funding by donations from the general public

D.

Responsible for appointing members of the IA5B

E.

Responsible of appointing members of the IFRS interpretations committee

Questions 3

The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.

ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.

iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.

Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?

Give your answer to the nearest $ million.

Options: