Thursday, 8 December 2016

CIMA and CIPFA Offer New CGMA Accountants Body Entry Route

The Chartered Institute of Management Accountants (CIMA) and the Institute of Public Finance and Chartered Accounting (CIPFA) Indicate the Launch of its new "CPFA has CGMA Recharge through the CIPFA Gateway." Path of Access this Fast Track allows a CIPFA Qualified Members to increase its qualification to obtain and the full and the adhesion CIMA DESIGNATION recognized a Global Level of Global Collegiate Accounting Management (CGMA). The new highway is open to Members and the UK International Both CIPFA.

CIPFA can benefit from Members up to 14 Exceptions with the new CIMA Gateway. After Passing the Gateway exam (also known as Case Study Management Review) Can Pass the Strategic Case Study Review, Passing Passes Through Strategic Three-Level Testing Tests. : In addition, if they will be made-Have Access to a Broad Range of Students and Study the Benefits of a Community-Based Via Online Now Student CIMA, CIMAconnect.

Andrew Harding, Executive President of the CIMA, SAID. "CIMA is very enthusiastic about La Creciente's cooperation with CIPFA This is a significant step for years to strengthen our association with one of the most respected professional bodies in the public sector Our DESIGNATION CGMA is recognized The World As All Accountants of DESIGNATION: We are pleased to share our experience and knowledge and for the Members to win CIPFA Our rating a world-renowned level.

Rob Whiteman, Executive Director for CIPFA, said: "This offer provides a milestone CIPFA Membership A Fantastic Opportunity to Build Adding Accounting Management Skills.

"With the reconfiguration of Public Utilities, Our Members are Working Ever More Through Public Environments and Organizations require specialized Skills there are Multiple Sectors if they place. The new road is compromised has to give all has today wave, Increasing Capacity and Value Of ESE Maximize Mode for Employers also to state that the staff is intended to expand their continuing professional development. "

Thursday, 24 November 2016

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Thursday, 10 November 2016

Cima F1 Exam Question No 57

Question No 57:

When the associate sells to the parent?

Reduce share of associate's profits
  • Reduce W5 retained earnings
  • Reduce inventory
The profit must be eliminated from the inventory because the inventory is in the books of the parent. The parent's inventory is consolidated so we must remove the profit from the inventory.

Tuesday, 8 November 2016

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Thursday, 30 June 2016

Cima F1 Exam Question No 56

Question No 56:

Which one of the following could be said to be a progressive tax?

Property sales tax at 1% of the selling price of all properties sold.
Value added tax at a rate of 0%, 10% or 15% depending on the type of goods or services provided.
Corporate wealth tax at 2% of total net assets up to $10 million then at 0.5% on total net assets greater than $10 million.
Personal income tax at 10% on earnings up to $10,000, then at 15% from $10,001 up to $100,000 and 25% over $100,000

Answer: D

Thursday, 23 June 2016

Cima F1 Exam Question No 55

Question No 55:

An ideal tax system should conform to certain principles. Which one of the following statements is not generally regarded as a principle of an ideal tax?

It should be fair to different individuals and should reflect a person’s ability to pay.
It should not be arbitrary, it should be certain.
It should raise as much money as possible for the government.
It should be convenient in terms of timing and payment.

Answer: C

Thursday, 16 June 2016

Cima F1 Exam Question No 54

Question No 54:

In Country Y, A earns $75,000 profit for the year and receives a tax bill for $17,000. B earns $44,000 profit for the year and receives a tax bill for $4,800. Country Y’s income tax could be said to be a:

Regressive tax
Proportional tax
Progressive tax
Fixed rate tax

Answer: C

Thursday, 9 June 2016

Cima F1 Exam Question No 53

Question No 53:

Taxes commonly used by many countries include:

(i) import duty payable on specific types of imported goods;
(ii) individual income tax, usually deducted at source;
(iii) corporate income tax;
(iv) value added tax.

Which of the above would normally be defined as direct taxation?

(i) and (ii)
(i) and (iv)
(ii) and (iii)
(ii) and (iv)

Answer: C

Thursday, 19 May 2016

Cima F1 Exam Question No 52

Question No 52:

Country X is considering an excise duty of $1,000 per vehicle on all new motor vehicles sold.

(i) A progressive tax
(ii) An indirect tax
(iii) An ad valorem tax
(iv) A regressive tax
(v) A unit tax

Which TWO of the above would be regarded as a correct description of the $1,000 excise duty?

(i) and (ii)
(ii) and (v)
(iii) and (iv)
(iv) and (v)

Answer: B

Thursday, 12 May 2016

Cima F1 Exam Question No 51

Question No 51:

ABC is registered for tax in Country X.
ABC purchases goods and services from suppliers, including VAT at standard rate and sells goods to customers, including VAT at standard rate.
The formal incidence of the VAT is on:

ABC’s customers
ABC’s suppliers
Country X’s tax authority

Answer: C

Thursday, 5 May 2016

Cima F1 Exam Question No 50

Question No 50:

Which ONE of the following is NOT a fundamental principle of the CIMA Code of Ethics?


Answer: C

Thursday, 28 April 2016

Cima F1 Exam Question No 49

Question No 49:

YZ, incorporated in Country X, purchased a non-depreciable asset for $45,000 on 1 January 2005. YZ incurred additional purchase costs of $5,000.
The asset was eventually sold for $110,000 on 31 December 2013. The indexation factor from 1 January 2005 to 31 December 2013 was 35%.
The capital gains tax that YZ is due to pay on the disposal of the asset is:


Answer: B

Thursday, 21 April 2016

Cima F1 Exam Question No 48

Question No 48:

SB operates in Country X and is considering starting business activities in a foreign country. An entity may conduct a foreign operation through a branch or a subsidiary.
Which ONE of the following is an advantage of SB operating its foreign operation as a subsidiary?

A loss made by the foreign operation will be available to the SB group.
SB will only pay tax on dividends received from its foreign operation.
All profits/losses overseas will be subject to tax in Country X.
SB can claim tax depreciation on its foreign operation’s assets.

Answer: B

Thursday, 14 April 2016

Cima F1 Exam Question No 47

Question No 47:

Which of the following is the correct meaning of “rollover relief”?

A trading loss can be carried forward and used to reduce tax in a future profitable year.
A capital loss incurred on the disposal of an asset can be carried forward to a future tax year.
An entity ceasing to trade, carrying back a trading loss to set off against previous years’ profits.
A gain arising from the sale of an asset is deferred provided the entity reinvests the proceeds of the sale in a replacement asset.

Answer: D

Thursday, 7 April 2016

Cima F1 Exam Question No 46

Question No 46:

Under the current structure of regulatory bodies, which organisation is responsible for reviewing international reporting standards and issuing revised international reporting standards?

IFRS Advisory Council
IFRS Interpretations Committee
International Accounting Standards Board
IFRS Foundation

Answer: C

Thursday, 31 March 2016

Cima F1 Exam Question No 45

Question No 45:

An external audit of VH’s financial statements has discovered that a customer who, at 31 March 2014, owed VH $250,000 was declared bankrupt on 8 April 2014. VH has not provided for the bad debt in its financial statements for the year ended 31 March 2014. This is regarded as material but not pervasive.
Assuming that the auditors find everything else satisfactory, which ONE of the following is the appropriate audit report for the auditors of VH to issue?

The external audit report should be a modified report, with a qualified “except for” opinion.
The external audit report should be an unmodified report with an emphasis of matter paragraph relating to the bad debt.
The external audit report should be a modified report, with a disclaimer of opinion.
The external audit report should be a modified report, with an adverse opinion.

Answer: A

Thursday, 24 March 2016

Cima F1 Exam Question No 44

Question No 44:

(i) Power to arrest individuals.
(ii) Power of entry and search of premises.
(iii) Power to exchange information with other tax authorities.
(iv) Power to confiscate assets of the entity.

Which TWO of the above are statutory powers that a tax authority may be granted to ensure compliance with tax regulations?

A. (i) and (iii)
B. (
i) and (iv)
(ii) and (iii)
(ii) and (iv)

Answer: C

Thursday, 17 March 2016

Cima F1 Exam Question No 43

Question No 43:

A withholding tax is?

Tax deducted at source before payment to a recipient in a foreign country.
Tax on profits that is then paid out net as a dividend to equity shareholders.
Tax paid to local tax authorities with an amount withheld from payment.
D. Tax withheld from employees’ salaries with salaries paid to them net of tax.

Answer: A

Thursday, 10 March 2016

Cima F1 Exam Question No 42

Question No 42:

Countries are subject to a variety of economic, social and political factors. In some countries
accounting rules are largely driven by taxation laws. The legal system in these countries is
known as:

Case law
Common law
Code law
D. Tax law

Answer: C

Thursday, 3 March 2016

Cima F1 Exam Question No 41

Question No 41:

IAS 18 Revenue sets out criteria for the recognition of revenue from the sale of goods. Which ONE of the following is NOT a criterion specified by IAS 18 for recognising revenue
from the sale of goods?

The seller no longer retains any influence or control over the goods.
The cost to the seller can be measured reliably.
The buyer has paid for the goods.
The significant risks and rewards of ownership have been transferred to the buyer.

Answer: C

Thursday, 25 February 2016

Cima F1 Exam Question No 40

Question No 41:

An entity earns a profit of $60,000 for the year to 31 March 2012. The entity is assessed as owing $15,000 tax for the year. Which ONE of the following types of tax would best describe the tax due?

Capital tax.
Income tax.
Wealth tax.
Consumption tax.

Answer: B

Thursday, 18 February 2016

Cima F1 Exam Question No 39

Question No 39:

Which ONE of the following events would result in an asset being recognised in KJH’s statement of financial position at 31 January 2012?

KJH spent $50,000 on an advertising campaign in January 2012. KJH expects the advertising to generate additional sales of $100,000 over the period February to April 2012.
KJH is taking legal action against a contractor for faulty work. Advice from its legal team is that it is likely that KJH will receive $250,000 in settlement of its claim within the next 12 months.
KJH purchased the copyright and film rights to the next book to be written by a famous author for $75,000 on 1 March 2011.
KJH has developed a new brand name internally. The directors value the brand name at $150,000.

Answer: A

Thursday, 11 February 2016

Cima F1 Exam Question No 38

Question No 38:

Which ONE of the following would be regarded as a related party of CXZ?

The wife of CXZ’s finance director.
CXZ’s main supplier, supplying approximately 35% of CXZ’s purchases.
CXZ’s biggest customer, providing 60% of CXZ’s annual revenue.
CXZ’s banker providing CXZ with an overdraft facility and a short-term loan at market rates.

Answer: A

Thursday, 4 February 2016

Cima F1 Exam Question No 37

Question No 37:

Which ONE of the following defines the meaning of “hypothecation”?

A new tax law has to be passed each year to allow taxes to be legally collected.
The difference between the total amount of tax due to be paid and the amount actually collected by the tax authority.
Tax is deducted from amounts due before they are paid to the recipient.
The products of certain taxes are devoted to specific types of public expenditure.

Answer: D

Thursday, 14 January 2016

Cima F1 Exam Question No 36

Question No 36:

CFP, an entity resident in Country X, had an accounting profit for the year ended 31 December 2011 of $860,000. The accounting profit was after charging depreciation of $42,000 and amortisation of development costs of $15,000.

CFP was entitled to a tax depreciation allowance of $51,000 for the year to 31 December 2011.
CFP’s tax payable for the year ended 31 December 2011 is:


Answer: B

Wednesday, 6 January 2016

Cima F1 Exam Question No 35

Question No 35:

Which ONE of the following would cause a deferred tax balance to be included in the statement of financial position for an entity, as required by IAS 12 Income Taxes?

A. An expense that is included in the statement of comprehensive income but is not allowed for tax.
B. A non-current asset that does not qualify for tax depreciation.
C. Tax depreciation being allowed on a non-current asset at a different annual rate to that used for depreciation in the financial statements.
D. Impairment of goodwill that arose on the acquisition of a subsidiary entity.

Answer: C