Cima crack4sure f1 Actual Questions by Ivar q71 vce pdf

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Exam Name:	Financial Reporting
Exam Code:	F1 Dumps
Vendor:	CIMA	Certification:	CIMA Operational
Questions:	248 Q&A's	Shared By:	ivar

Question 8

Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

Options:

Publication of discussion documents.

Publication of exposure drafts.

Establishment of an advisory committee to advise on issues arising in the development of the IFRS.

Production of draft interpretations of the IFRS which are open to public comment.

Discussion

Question 9

The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's ordinary share capital on 31 March 20X3.

The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its share capital was £37,000. NCI fair value on the date of acquisition was £31,000.

What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both the proportion of net assets method and the full good will method for valuing the non-controlling interest.

Options:

Proportion of net assets method = £25,150

Full goodwill method = £5,000

Proportion of net assets method = £5,000

Full goodwill method = £25,150

Proportion of net assets method = £77,150

Full goodwill method = £57,000

Discussion

Question 10

Which of the following would NOT be a risk or impact of overtrading?

Options:

Increase in interest payments

Increased borrowings

Shortage of working capital

Expanding too quickly

Discussion

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Question 11

An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.

The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at 20% a year on a straight line basis.

Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.

Give your answer to the nearest whole $.

Options: