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CIMA F1 Exam Overview:
| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Reporting |
| Exam Number: | F1 |
| Related Certifications: | CIMA E1 Managing Finance in a Digital World CIMA OCS Operational Case Study CIMA P1 Management Accounting |
| Real Exam Qty: | 60 |
| Passing Score: | Scaled score of 100 out of 150 (≈67%) |
| Exam Duration: | 90 minutes |
| Exam Format: | Multiple choice, Drag-and-drop, Computer-based objective test, Fill-in-the-blank (number entry), Multiple response |
| Available Languages: | English |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Computer-based objective test available on demand at Pearson VUE test centres worldwide or online |
| Pre Condition: | Completion of CIMA Certificate in Business Accounting (Cert BA) or equivalent foundational accounting qualification recommended |
| Official Syllabus URL: | https://hub.cimaglobal.com/proqual/2019/operational/F1 |
CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 2: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Topic 3: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Topic 4: Principles of Taxation | 20% | - Taxation fundamentals
|
CIMA F1 Exam — Answers to Your Questions
The CIMA Financial Reporting (exam code F1) is the exam you pass to earn the CIMA Certification certification, a credential at the Operational (Professional Qualification) level. It is also connected with related credentials such as CIMA E1 Managing Finance in a Digital World, CIMA P1 Management Accounting, CIMA OCS Operational Case Study. If you are mapping out a certification path with CIMA, this exam is a milestone worth planning around.
The F1 exam includes 60 questions, and you have 90 minutes to complete them. With that many questions on the clock, pacing is part of the challenge: divide your time into rough blocks as you go, and flag the items that stall you so you can circle back at the end instead of burning minutes on a single question. A week or two before your exam date, sit at least one full timed session in the 2Pass4sure test engine under the same time limit, so the pace feels familiar rather than frantic on the day.
Completion of CIMA Certificate in Business Accounting (Cert BA) or equivalent foundational accounting qualification recommended
Eligibility rules can be adjusted by CIMA over time, so before you register, confirm the current requirements on the official exam page: view the official F1 exam information.
Yes. 2Pass4sure offers a free PDF demo of the F1 practice questions, so you can judge the quality of the material firsthand before paying anything. Every purchase also includes 365 days of free updates — if CIMA changes the exam during that year, your material changes with it. And when the free update period expires, you can extend it at a 50% discount from within your member zone.
Every F1 purchase at 2Pass4sure is backed by a 100% Money Back Guarantee: if you take the corresponding exam within 60 days of your purchase and do not pass, you can apply for a full refund. The guarantee has clear conditions — it does not apply if you sit the exam within 3 days of purchase, if you downloaded the material but never actually took the exam, or to free materials and expired orders, and the candidate name must match the payer name. To file a claim, send a scan of your exam enrollment slip together with your official Score Report PDF within 2 days of the exam; claims are processed within 7 days. If you would rather not take a refund, you can exchange the product instead and receive two additional exam preparation products of equal value for free, while your original product keeps its update service. Delivery itself is instant: your material is available for download right after payment and is also sent to your email within one minute — if it has not arrived within 2 hours, contact our customer service. There is no limit on how many computers you can install it on.
The official CIMA Financial Reporting outline divides the exam content into 4 main domains. The first three are:
- Managing Cash and Working Capital — 25%
- Principles of Taxation — 20%
- Financial Statements — 45%
That is only the headline view — scroll back up to the Exam Topics section on this page for the complete domain-by-domain breakdown before you plan your study schedule.
CIMA Financial Reporting Sample Questions:
Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?
- A. It refers to the distribution of the tax burden.
- B. It only relates to the person or entity that actually pays the tax authorities.
- C. It can be formal or actual.
- D. It relates to the person or entity that ultimately bears the cost of the tax.
Correct Answer: B 🗳️
At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:
The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?
- A. $400,000
- B. $1,190,000
- C. $1,600,000
- D. $810,000
Correct Answer: D 🗳️
XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.
XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting
$10,000 of entertaining costs.
It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.
Which of the following correctly states the impact of the ruling on the profits already calculated?
- A. Both accounting and taxable profits will increase by $10,000.
- B. Both accounting and taxable profits will decrease by $10,000.
- C. Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.
- D. Accounting profit will not be affected but taxable profit will increase by $10,000.
Correct Answer: D 🗳️
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
- A. $4,000
- B. $2,000
- C. $3,200
- D. $10,000
Correct Answer: B 🗳️
EFG purchased an asset on 1 January 20X5 for $24,000. On that date its useful life was 5 years and residual value was expected to be nil. EFG calculates depreciation on a pro-rata basis.
The asset is reclassified as held for sale on 1 October 20X8 and is unsold on 31 December 20X8.
It is expected that the asset will be sold for S6;300 and that selling costs will be S500.
What is the amount that this asset will be included at in EFG's statement of financial position at 31 December 20X8?
Give your answer to the nearest $.
Correct Answer:
$5,800
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