Chartered Institute of Management Accountants (CGMA) · Operational level
CIMA F1 Financial Reporting: mock exams and practice questions
209 original exam-style questions for CIMA F1 Financial Reporting, with full timed mock exams in the real format and an explanation for every answer. Free for everyone until 31 January 2027.
- 209practice questions
- 4syllabus areas
- 90 minutesfull mock, like the real exam
CIMA F1 exam format
90 minutes, computer-based objective test (60 questions). The pass mark is 70%.
| Section | Format | Marks |
|---|---|---|
| Objective test | 60 questions: multiple choice, multiple response and number entry | 60 |
| Total | 60 |
Syllabus areas covered
- A · Regulatory environment of financial reporting24 questions
- B · Financial statements82 questions
- C · Principles of taxation43 questions
- D · Managing cash and working capital60 questions
Try 3 free CIMA F1 questions
Real Fincora questions, with the full explanation. Sign up free for the full bank and timed mocks.
Sample question 1 · A · Regulatory environment of financial reporting
Within the IFRS Foundation, which body's main role is to give the IASB and the Trustees broad strategic advice from a wide range of interested parties, such as users, preparers, regulators and academics?
- A The IFRS Advisory Council
- B The IFRS Interpretations Committee
- C The IFRS Foundation Monitoring Board
- D The IFRS Foundation Trustees
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Answer: A. The IFRS Foundation structure: the Monitoring Board (public authorities) oversees the Trustees, who are responsible for governance, funding and appointments. The IASB sets IFRS Accounting Standards. The IFRS Interpretations Committee addresses application issues and issues interpretations ratified by the IASB. The IFRS Advisory Council provides strategic advice to the IASB and Trustees and represents a wide range of stakeholders.
Sample question 2 · B · Financial statements
Under IAS 1 Presentation of Financial Statements, which of the following items is presented in other comprehensive income for the year?
- A A gain on the disposal of an item of plant
- B Dividends paid to the company's equity shareholders
- C The correction of a material prior period error in last year's depreciation
- D A surplus arising on the revaluation of the company's head office building
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Answer: D. Other comprehensive income contains items of income and expense that other standards require or permit to be excluded from profit or loss. For F1, the key example is a revaluation gain on property, plant and equipment (IAS 16), which goes to OCI and then to the revaluation surplus. Disposal gains go to profit or loss; dividends and prior period adjustments are shown in the statement of changes in equity.
Sample question 3 · C · Principles of taxation
Adam Smith's canons of taxation describe the characteristics of a good tax. Which canon requires that the amount of tax due, and the time and manner of payment, should be clear to the taxpayer rather than arbitrary?
- A Certainty
- B Equity
- C Convenience
- D Efficiency
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Answer: A. Adam Smith's four canons: equity (fair, based on ability to pay), certainty (the amount, timing and method of payment are clear, not arbitrary), convenience (collected at a convenient time and in a convenient way) and efficiency/economy (low cost of collection and compliance relative to revenue raised).
Practise CIMA F1 the way you'll sit it
Timed mocks, a question navigator and flags, then your score by syllabus area so you know what to revise next.