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CIMA F1 Exam With Confidence Using Practice Dumps

Exam Code:
F1
Exam Name:
Financial Reporting
Certification:
Vendor:
Questions:
248
Last Updated:
Jul 2, 2025
Exam Status:
Stable
CIMA F1

F1: CIMA Operational Exam 2025 Study Guide Pdf and Test Engine

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Financial Reporting Questions and Answers

Question 1

EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.

EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.

Capital gains are taxed at 30%.

What is the tax due on disposal of the asset?

Options:

A.

$108,000

B.

$101,400

C.

$102,600

D.

$95,400

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Question 2

Country X levies corporate income tax at a rate of 25% and charges income tax on all profits irrespective of whether they are distributed by way of dividend. Country Y levies corporate income tax at a rate of 20%.

A, who is resident in Country X, pays a divided to B, who is resident in Country Y. B is required to pay corporate income tax on the dividend received from A, but a deduction can be made for the tax suffered on this dividend restricted to a rate of 20%.

Which method of relief for foreign tax does this describe?

Options:

A.

Exemption

B.

Deduction

C.

Tax credit

D.

Restricted

Question 3

Options: