CIMA CIMAPRA19-F01-1 Free Sample Exam Questions 2026

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Total Questions: 194

Questions & Answers PDF

• Question 1

  

  During the year a piece of equipment that originally cost $96,000, with accumulated depreciation of $39,000, met the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to be classified as held for sale.The equipment is being advertised for sale at $46,000 and costs of $1,000 will be incurred to enable the sale to be completed.At what value should the equipment be included in the statement of financial position at the year end assuming that it remains unsold?Give your answer to the nearest whole number.

  Reveal Answer Answer: Next Question

• Question 2

  

  Which of the following would NOT be considered an element of a regulatory framework for financial reporting?

  • Local law
  • Local accounting standards
  • International Financial Reporting Standards
  • Local tax regulations

  Reveal Answer Answer: D Next Question

• Question 3

  

  XYZ operates in Country P where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.In year ending 31 March 20X4, XYZ made an accounting profit of $240,000.Profit included $14,500 of entertaining costs and $5,000 of income exempt from taxation.XYZ has plant and machinery with accounting depreciation amounting to $26,300 and tax depreciation amounting to $35,200.Calculate the taxable profit for the year ended 31 March 20X4.

  • $221,600
  • $258,400
  • $239,400
  • $240,600

  Reveal Answer Answer: D Next Question

• Question 4

  

  ST has an asset that was classified as held for sale at 30 June 20X4. The asset's carrying value was $230,000 and its fair value $210,000.The cost of disposal was estimated to be $15,000.In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which of the following values should be used for the asset in the statement of financial position as at 30 June 20X4?

  • $230,000
  • $215,000
  • $210,000
  • $195,000

  Reveal Answer Answer: D Next Question

• Question 5

  

  ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

  • A balancing allowance of $800 will increase taxable profits.
  • A balancing allowance of $800 will reduce taxable profits.
  • A balancing charge of $800 will increase taxable profits.
  • A balancing charge of $800 will reduce taxable profits.

  Reveal Answer Answer: B Next Question

• Question 6

  

  Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

  • International Accounting Standards Board
  • Standards Advisory Council
  • International Financial Reporting Interpretations Committee
  • International Organisation of Securities Commission
  • Standards Application Council
  • International Financial Reporting Evaluations Committee

  Reveal Answer Answer: A, B, C Next Question

• Question 7

  

  If a parent entity is to be exempt from preparing consolidated financial statements it needs to satisfy certain conditions according to IFRS 10 Consolidated Financial Statements.Which TWO of the following are conditions that need to be satisfied to be exempt?

  • The parent entity is itself a wholly owned subsidiary of another entity.
  • The ultimate parent of the parent entity publishes consolidated financial statements which are publicly available.
  • The parent 's investment in its subsidiaries are all below 100%.
  • The parent entity has no more than 10 subsidiaries or associated entities.
  • The parent entity has subsidiaries, one or more of which publishes consolidated financial statements.

  Reveal Answer Answer: A, B Next Question

• Question 8

  

  Which of the following is NOT a feature of a multi-stage sales tax?

  • The entire tax burden is usually passed to the final consumer.
  • Tax is charged each time a product is sold in the chain from manufacturer through to retailer.
  • Tax is applied at the retail level only and not at production level.
  • Credit may not be allowed for taxes paid on sales within the chain from manufacturer through to retailer.

  Reveal Answer Answer: C Next Question

• Question 9

  

  What does the exemption method of giving double taxation relief mean?

  • The countries agree that all types of income will be exempt or partially exempt in one country or the other.
  • The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.
  • The countries agree on certain types of income which will be exempt or partially exempt in both countries.
  • The countries agree that all types of income will be exempt or partially exempt in both countries.

  Reveal Answer Answer: B Next Question

• Question 10

  

  What does the tax credit method of giving double taxation relief mean?

  • Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the lower of the foreign or country of residency tax.
  • 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.
  • 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.
  • The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

  Reveal Answer Answer: A Next Question

Page: 1 / 39
Total Questions: 194

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