CIMA Updated F1 Exam Questions and Answers by angus

Whether the entity has kept proper accounting records.

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

Whether all the information and explanations necessary for the purposes of the audit have been received.

Whether every transaction that underpins the financial statements has been correctly recorded.

Whether the entity has been exposed to any fraud.

Increase in trade receivables

Increase in trade payables

Debt factoring

Increase in a bank overdraft

business profits where the tax is paid by the shareholders to the tax authorities.

dividends paid to shareholders where the tax is paid by the business to the tax authorities.

dividends paid to shareholders where the tax is paid by the shareholders to the tax authorities.

business profits where the tax is paid by the business to the tax authorities.

Double tax treaties

Directives from international bodies

International accounting standards

Precedents based on previous legislation