tag:blogger.com,1999:blog-87473521027443772682023-11-16T10:20:20.280-08:00Cima F1 Exam QuestionsUnknownnoreply@blogger.comBlogger63125tag:blogger.com,1999:blog-8747352102744377268.post-60327023414968112232019-07-04T21:54:00.003-07:002019-07-04T21:54:16.236-07:00Individuals in the news: RSM, Cooper Parry, Wylie and Bisset, ICAEW, CIMA RSM has employed Adam Jones as partner chief in the private customer group and Jade Bedford as R&D charge director in the corporate duty group, based out of Yorkshire and the North East. Jones has just about 30 years' experience educating on all perspectives with respect to private customer charge and has worked at EY, Deloitte and PwC. Bedford brings an abundance of industry and by and by experience to the new job, having worked at Unilever as a R&D physicist, before moving to KPMG where she worked in assessment, having some expertise in development charge reliefs including R&D and patent box. In her new job, she will work with the 60-in number expense group to develop the local advancement reliefs practice to enable increasingly local customers to profit by assessment reliefs. <br /><br />Glasgow-based sanctioned bookkeepers Wylie and Bisset has delegated Gerald McLaughlin, previous corporate account chief at Campbell Dallas, as its first corporate fund accomplice. The vital arrangement brings McLaughlin's profession full circle, having qualified with Wylie and Bisset 15 years back preceding leaving the firm. He has some expertise in working with organizations in all phases of their life cycle, from beginning time start-up to multi-million pound transfers. <br /><br />Cooper Parry has employed an obligation warning pro Paul Ambrose to supplement its corporate money business as the firm ventures into London and the southern market. Ambrose has more than 30 years' understanding as both a counselor and a loan specialist with PwC and Barclays. He will bolster Cooper Parry customers by raising account from the wide scope of organizations currently serving the UK market to subsidize exchanges and renegotiating prerequisites over the business person, private value possessed and recorded business territories. <br /><br />Seaward law office Carey Olsen has designated suit and indebtedness legal advisor Richard Brown as an accomplice in its London office. He joins from the London office of Harneys where he was counsel, already having worked for Carey Olsen in Jersey somewhere in the range of 2015 and 2017. His training centers around global indebtedness, extortion and resource recuperation just as argumentative trust matters. <br /><br />FRP Advisory LLP has fortified its corporate money group in the Midlands with the arrangement of Fahim Kassam as administrator and Daniel Chouciño as associate supervisor. Kassam joins from Alantra, where he was a partner, and will be situated in the association's Birmingham office. Chouciño joins from Translink Corporate Finance, where he was an associate executive, based out of the Leicester office. <br /><br />Canadian money pioneer Amal Ratnayake FCMA, CGMA has been named 86th leader of the Chartered Institute of Management Accountants (CIMA). He will consolidate the job with his situation as Chairman of the Association of International Certified Professional Accountants, the worldwide bookkeeping association framed by CIMA and the American Institute of CPAs (AICPA). As president, Ratnayake will speak to 228,000 individuals and understudies worldwide as CIMA praises its 100th commemoration this year. Ratnayake is as of now CFO at the Official Community Corporation, an online occasion driven brand the board organization for set up account specialists. <br /><br />Two autonomous non-official executives have joined the ICAEW board. Mary Hockaday is a writer and a senior head in communicating, with a creating portfolio identifying with instruction. She is controller at BBC World Service English and has held various senior publication and authority positions inside the BBC and is a trustee of the Girls' Day School Trust. Malcolm Wood is right now gathering organization secretary at Lloyds Banking Group, and is expected to resign toward the finish of June. He was already broad direction and friends secretary of Standard Life after a vocation as a corporate legal counselor in private practice in London and Edinburgh. He is an individual of the Institute of Chartered Secretaries and Administrators, and an individual from the Corporate Governance Council and GC100. Their two-year board terms will go on until 1 June 2021.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-11494339805323536372017-09-20T02:11:00.002-07:002019-05-14T04:33:55.390-07:00Cima F1 Exam Question No 59<b>Question No 59:</b><br />
<br />
<b>An external auditor has completed an audit and is satisfied that proper records have been maintained and that the financial statements reflect those transactions. However the auditor has one disagreement with the management of the entity. The disagreement involves the treatment of one large item of expenditure that has been classified by management as an increase in non-current assets. The auditor is of the opinion that the item should have been classified as maintenance and charged as an<br />expense to the statement of comprehensive income. The amount is material in the context of the reported profit for the year. Assuming that the management refuse to change their approach, which ONE of the following modified audit reports should the auditor use?</b><br />
<br />
<b>A.</b> Emphasis of matter<br />
<b>B.</b> “Except for” qualification<br />
<b>C.</b> Adverse opinion<br />
<b>D.</b> Disclaimer of opinion<br />
<br />
Answer: <b>B</b><br />
<b><br /></b>
<b>Get more from <a href="https://www.prepacademia.com/f1-exam-questions.html" target="_blank">CIMA F1 exam questions dumps</a></b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-83221201636898799202017-06-28T21:55:00.001-07:002017-06-28T21:55:14.025-07:00Cima F1 Exam Question No 59<b>Question No 59:</b><br />
<br />
<b>When the parent sells to the associate?</b><br />
<ul>
<li>- Increase COGS (which has an impact on Group RE in W5)</li>
<li>- Reduce W5 retained earnings (group reserves)</li>
<li>- Reduce investment in associate (CSFP)</li>
</ul>
the profit must be eliminated from the investment in associate because the inventory is in the books of the associate. The associate's inventory is not consolidated so we cannot remove the profit from the inventory line on the CSFP. Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-65605838123903245662017-06-06T22:43:00.002-07:002017-06-06T22:43:01.990-07:00Cima F1 Exam Question No 58<h3>
Question No 58:</h3>
<b>The IASB’s Framework for the preparation and presentation of financial statements lists four qualitative characteristics of financial statements, one of which is reliability. Which ONE of the following lists three characteristics of reliability?</b><br /><br /><b>A. </b>Neutrality, prudence and comparability.<br /><b>B. </b>Prudence, faithful representation and relevance.<br /><b>C.</b> Comparability, relevance and completeness.<br /><b>D.</b> Neutrality, faithful representation and prudence.<br /><br /><b>Answer: D</b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-59148017918484248292016-12-08T21:30:00.002-08:002016-12-08T21:30:58.243-08:00CIMA and CIPFA Offer New CGMA Accountants Body Entry Route<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuERXR9NkpA5f7vlNqMSxe9rsTmHfvy_DcCVOSAkL616lD4PVEzpDWV_772qxi2T3VdMAmDuWHL7NOp1K82HGCHgH5MCE3PHe6Ket1QNxBIKY0UjN1UBaNbw7wVPi2y0t39B8Tthi8c_W_/s1600/Cima+F1+Exam.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuERXR9NkpA5f7vlNqMSxe9rsTmHfvy_DcCVOSAkL616lD4PVEzpDWV_772qxi2T3VdMAmDuWHL7NOp1K82HGCHgH5MCE3PHe6Ket1QNxBIKY0UjN1UBaNbw7wVPi2y0t39B8Tthi8c_W_/s320/Cima+F1+Exam.jpg" width="213" /></a></div>
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.<br /><br />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.<br /><br />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.<br /><br />Rob Whiteman, Executive Director for CIPFA, said: "This offer provides a milestone CIPFA Membership A Fantastic Opportunity to Build Adding Accounting Management Skills.<br /><br />"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. "Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-32883235373056178372016-11-24T20:13:00.003-08:002017-11-20T02:25:17.095-08:00How CIMA F1 Exam Questions Dumps Can Help in Exam?The CIMA DIPLOMA IN MANAGEMENT ACCOUNTING CIMA F1 Exam is designed to improve professional skills in IT. CIMA F1 Dumps focuses your ideas and improves your vision about your exam. It presents the topic of your assessment of Financial Reporting and Taxation. The CIMA F1 Braindumps make you help candidates about the position in the association of your topic. For raising the skills, the majority of the candidates prefers to get Cima F1 Past papers. The value of this CIMA CERTIFICATIONS is not able to ignore.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-41253292381643850092016-11-10T20:51:00.007-08:002016-11-10T20:51:58.619-08:00Cima F1 Exam Question No 57<b>Question No 57:</b><br />
<br />
<b>When the associate sells to the parent?</b><br />
<br />
<b>Reduce share of associate's profits</b><br />
<ul>
<li>Reduce W5 retained earnings</li>
<li>Reduce inventory</li>
</ul>
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.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-63637062710202034692016-06-30T20:55:00.000-07:002016-06-30T20:55:15.834-07:00Cima F1 Exam Question No 56<b>Question No 56:</b><br />
<br />
<b>Which one of the following could be said to be a progressive tax?<br /><br />A. </b>Property sales tax at 1% of the selling price of all properties sold.<b><br />B. </b>Value added tax at a rate of 0%, 10% or 15% depending on the type of goods or services provided.<b><br />C. </b>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.<b><br />D.</b> 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<b><br /><br />Answer: D </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-11072274465216751422016-06-23T21:44:00.003-07:002016-06-23T21:44:58.911-07:00Cima F1 Exam Question No 55<b>Question No 55:</b><br />
<br />
<b>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?<br /><br />A.</b> It should be fair to different individuals and should reflect a person’s ability to pay.<b><br />B. </b>It should not be arbitrary, it should be certain.<b><br />C.</b> It should raise as much money as possible for the government.<b><br />D. </b>It should be convenient in terms of timing and payment.<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-12938291221242008822016-06-16T21:27:00.002-07:002016-06-16T21:27:20.090-07:00Cima F1 Exam Question No 54<b>Question No 54:</b><br />
<br />
<b>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:<br /><br />A. </b>Regressive tax<b><br />B. </b>Proportional tax<b><br />C. </b>Progressive tax<b><br />D. </b>Fixed rate tax<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-2535287044898217362016-06-09T23:26:00.002-07:002016-06-09T23:26:48.024-07:00Cima F1 Exam Question No 53<b>Question No 53:</b><br />
<br />
<b>Taxes commonly used by many countries include:</b><br />
<b><br />(i) import duty payable on specific types of imported goods;<br />(ii) individual income tax, usually deducted at source;<br />(iii) corporate income tax;<br />(iv) value added tax.<br /><br />Which of the above would normally be defined as direct taxation?<br /><br />A.</b> (i) and (ii)<b><br />B. </b>(i) and (iv)<b><br />C. </b>(ii) and (iii)<b><br />D. </b>(ii) and (iv)<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-89580483948999551512016-05-19T23:13:00.003-07:002016-05-19T23:13:14.479-07:00Cima F1 Exam Question No 52<b>Question No 52:</b><br />
<br />
<b>Country X is considering an excise duty of $1,000 per vehicle on all new motor vehicles sold.<br /><br />(i) A progressive tax<br />(ii) An indirect tax<br />(iii) An ad valorem tax<br />(iv) A regressive tax<br />(v) A unit tax<br /><br />Which TWO of the above would be regarded as a correct description of the $1,000 excise duty?<br /><br />A. </b>(i) and (ii)<b><br />B. </b>(ii) and (v)<b><br />C. </b>(iii) and (iv)<b><br />D. </b>(iv) and (v)<b><br /><br />Answer: B </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-4978271873728046682016-05-12T23:02:00.001-07:002016-05-12T23:02:56.139-07:00Cima F1 Exam Question No 51<b>Question No 51:</b><br />
<br />
<b>ABC is registered for tax in Country X.<br />ABC purchases goods and services from suppliers, including VAT at standard rate and sells goods to customers, including VAT at standard rate.<br />The formal incidence of the VAT is on:<br /><br />A. </b>ABC’s customers<b><br />B. </b>ABC’s suppliers<b><br />C. </b>ABC<b><br />D. </b>Country X’s tax authority<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-40573035562844506662016-05-05T23:20:00.000-07:002016-05-05T23:20:04.371-07:00Cima F1 Exam Question No 50<b>Question No 50:</b><br />
<br />
<b>Which ONE of the following is NOT a fundamental principle of the CIMA Code of Ethics?<br /><br />A. </b>Objectivity<b><br />B. </b>Integrity<b><br />C. </b>Confidentiality<b><br />D. </b>Responsibility<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-53864791140999882672016-04-28T21:45:00.002-07:002016-04-28T21:45:18.091-07:00Cima F1 Exam Question No 49<b>Question No 49:</b><br />
<br />
<b>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.<br />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%.<br />The capital gains tax that YZ is due to pay on the disposal of the asset is:<br /><br />A. </b>$10,625<b><br />B. </b>$16,250<b><br />C. </b>$42,500<b><br />D. </b>$60,000<b><br /><br />Answer: B </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-3003725815645122862016-04-21T21:24:00.001-07:002016-05-12T23:03:12.299-07:00Cima F1 Exam Question No 48<b>Question No 48:</b><br />
<br />
<b>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.<br />Which ONE of the following is an advantage of SB operating its foreign operation as a subsidiary?<br /><br />A. </b>A loss made by the foreign operation will be available to the SB group.<b><br />B. </b>SB will only pay tax on dividends received from its foreign operation.<b><br />C. </b>All profits/losses overseas will be subject to tax in Country X.<b><br />D. </b>SB can claim tax depreciation on its foreign operation’s assets.<b><br /><br />Answer: B </b><br />
<h3>
</h3>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-78158509713391605682016-04-14T21:59:00.001-07:002016-04-14T21:59:22.585-07:00Cima F1 Exam Question No 47<b>Question No 47:</b><br />
<br />
<b>Which of the following is the correct meaning of “rollover relief”?<br /><br />A. </b>A trading loss can be carried forward and used to reduce tax in a future profitable year.<b><br />B. </b>A capital loss incurred on the disposal of an asset can be carried forward to a future tax year.<b><br />C. </b>An entity ceasing to trade, carrying back a trading loss to set off against previous years’ profits.<b><br />D.</b> A gain arising from the sale of an asset is deferred provided the entity reinvests the proceeds of the sale in a replacement asset.<b><br /><br />Answer: D </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-5629761466278173152016-04-07T21:29:00.002-07:002016-04-07T21:29:37.074-07:00Cima F1 Exam Question No 46<b>Question No 46:</b><br />
<br />
<b>Under the current structure of regulatory bodies, which organisation is responsible for reviewing international reporting standards and issuing revised international reporting standards?<br /><br />A. </b>IFRS Advisory Council<b><br />B. </b>IFRS Interpretations Committee<b><br />C. </b>International Accounting Standards Board<b><br />D. </b>IFRS Foundation<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-8766812892888660072016-03-31T21:33:00.005-07:002016-03-31T21:33:32.417-07:00Cima F1 Exam Question No 45<b>Question No 45:</b><br />
<br />
<b>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.<br />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?<br /><br />A. </b>The external audit report should be a modified report, with a qualified “except for” opinion.<b><br />B. </b>The external audit report should be an unmodified report with an emphasis of matter paragraph relating to the bad debt.<b><br />C. </b>The external audit report should be a modified report, with a disclaimer of opinion.<b><br />D. </b>The external audit report should be a modified report, with an adverse opinion.<b><br /><br />Answer: A </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-63073060798920217702016-03-24T21:38:00.001-07:002016-03-24T21:38:04.320-07:00Cima F1 Exam Question No 44<b>Question No 44:</b><br />
<br />
<b>(i) Power to arrest individuals.<br />(ii) Power of entry and search of premises.<br />(iii) Power to exchange information with other tax authorities.<br />(iv) Power to confiscate assets of the entity.<br /><br />Which TWO of the above are statutory powers that a tax authority may be granted to ensure compliance with tax regulations?<br /> </b><br />
<b>A. </b>(i) and (iii)<b><br />B. (</b>i) and (iv)<b><br />C. </b>(ii) and (iii)<b><br />D. </b>(ii) and (iv)<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-32839492302895986062016-03-17T21:16:00.001-07:002016-03-17T21:16:22.818-07:00Cima F1 Exam Question No 43<b>Question No 43:</b><br />
<b><br /></b>
<b>A withholding tax is?<br /><br />A. </b>Tax deducted at source before payment to a recipient in a foreign country.<b><br />B. </b>Tax on profits that is then paid out net as a dividend to equity shareholders.<b><br />C. </b>Tax paid to local tax authorities with an amount withheld from payment.<b><br />D. Tax withheld from employees’ salaries with salaries paid to them net of tax.<br /><br />Answer: A</b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-46846968988454265402016-03-10T21:31:00.000-08:002016-03-10T21:31:01.688-08:00Cima F1 Exam Question No 42<b>Question No 42:</b><br />
<br />
<b>Countries are subject to a variety of economic, social and political factors. In some countries<br />accounting rules are largely driven by taxation laws. The legal system in these countries is<br />known as:<br /><br />A. </b>Case law<b><br />B. </b>Common law<b><br />C. </b>Code law<b><br />D. Tax law<br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-41510179464136598412016-03-03T20:21:00.002-08:002016-03-03T20:21:57.005-08:00Cima F1 Exam Question No 41<b>Question No 41:</b><br />
<br />
<b>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<br />from the sale of goods?<br /><br />A. </b>The seller no longer retains any influence or control over the goods.<b><br />B. </b>The cost to the seller can be measured reliably.<b><br />C. </b>The buyer has paid for the goods.<b><br />D. </b>The significant risks and rewards of ownership have been transferred to the buyer.<b><br /><br />Answer: C </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-60479047776134879952016-02-25T21:00:00.002-08:002016-02-25T21:00:53.051-08:00Cima F1 Exam Question No 40<b>Question No 41:</b><br />
<br />
<b>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?<br /><br />A. </b>Capital tax.<b><br />B.</b> Income tax.<b><br />C. </b>Wealth tax.<b><br />D. </b>Consumption tax.<b><br /><br />Answer: B </b>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8747352102744377268.post-27821565797676879122016-02-18T21:38:00.002-08:002016-02-18T21:38:45.577-08:00Cima F1 Exam Question No 39<b>Question No 39:</b><br />
<br />
<b>Which ONE of the following events would result in an asset being recognised in KJH’s statement of financial position at 31 January 2012?<br /><br />A. </b>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.<b><br />B. </b>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.<b><br />C. </b>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.<b><br />D. </b>KJH has developed a new brand name internally. The directors value the brand name at $150,000.<b><br /><br />Answer: A </b>Unknownnoreply@blogger.com0