Free Access CIMA.F1.v2022-03-02.q69 Practice Test (Page 2)

Question 1

For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.
Which of the following conditions would give exemption from preparing consolidated financial statements?

A.The parent's securities are publicly traded.

B.The parent is a wholly owned subsidiary of another entity.

C.The parent is in the process of issuing securities in a public securities market.

D.All of the parent's subsidiaries are in one country.

Question 2

Which of the following is NOT a responsibility of the International Accounting Standards Board?

A.Withdrawal of international accounting reporting standards.

B.Preparation of international financial reporting standards.

C.Final approval of interpretations by the international financial reporting interpretations committee.

D.Fundraising for the international accounting standards committee foundation.

Question 3

Which of the following is a condition that has to be met for an entity to be exempt the requirement to prepare consolidated financial statements?

A.The parent entity's debt or equity instruments are not traded in a public market.

B.The parent entity's equity instruments are only traded in one country.

C.The parent's equity has a nominal value of less than $1 million.

D.The parent's net asset value is less than $1 million.

Question 4

Which of the following is correct?
The primary purpose of a cash budget prepared on a monthly basis is to determine:

A.when to pay employees salaries.

B.whether there will be sufficient cash in the bank to meet requirements.

C.next month's sales volumes.

D.the amount of inventory to purchase in the following month.

Question 5

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A.A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

B.A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

C.A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

D.A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

Latest Upload: 105Oracle.1Z0-1057-23.v2025-09-10.q47; 145Google.Professional-Cloud-Network-Engineer.v2025-09-09.q179; 130SAP.C-S4EWM-2023.v2025-09-08.q83; 148TheSecOpsGroup.CNSP.v2025-09-08.q20; 190CFAInstitute.ESG-Investing.v2025-09-08.q173; 145PECB.ISO-IEC-27001-Lead-Implementer.v2025-09-06.q132; 138Salesforce.Data-Architect.v2025-09-05.q216; 133Adobe.AD0-E605.v2025-09-05.q50; 172Nutanix.NCP-MCI-6.10.v2025-09-05.q55; 113Oracle.1z0-591.v2025-09-05.q104

Question 1

Question 2

Question 3

Question 4

Question 5

Download PDF File