CIMA F1 : Financial Reporting

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CIMA Financial Reporting Sample Questions:

1. What does the deduction method of giving double taxation relief mean?

A) 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.
B) Tax relief is gained by adding the foreign tax from the foreign income so that the gross amount will be subject to tax in the country of residency.
C) 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.
D) Tax paid in one country may be allowed as a tax deduction another country. Relief is normally restricted to the lower of the foreign or country of residency tax.

2. RS purchased an asset on 1 May 20X1 for $200,000, exclusive of import duties of $25,000.
The asset was sold on 1 December 20X3 for $450,000, incurring costs to sell of $15,000.
RS is resident in Country Y where indexation is allowable from the date of purchase to the date of sale.
The indexation factor increased by 40% in the period 1 May 20X1 to 1 December 20X3.
Capital gains are taxed at 25%.
What is the capital tax due from RS on disposal of the asset?

A) $38,750
B) $28,500
C) $30,000
D) $120,000

3. Identify whether the scenarios below are examples of tax evasion or tax avoidance, by placing either tax evasion of tax avoidance against each one.

4. MNO is a manufacturer. Which TWO of the following costs will MNO add to the cost of its finished goods inventory in accordance with IAS 2: Inventories?

A) Direct labour
B) Warehouse rent
C) Import duties
D) Abnormal material waste
E) Selling and distribution

5. Which THREE of the following are potential implications to a manufacturing business of holding insufficient inventory of raw materials?

A) Lost sales
B) Increased risk of obsolescence
C) Wasted production
D) Additional storage costs
E) Purchasing inventory at a higher price

Solutions: