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Free CIMA CIMAPRA19-F01-1 Exam Actual Questions

The questions for CIMAPRA19-F01-1 were last updated On Jun 10, 2025

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Question No. 1

The subsidiary company of Group XY has purchased 150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is a disagreement in the current account balances between the parent and subsidiary.

With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

AThe adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4

B150,000 worth of inventory will be debited into the subsidiary's inventory account

CAs the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year

D150,000 worth of inventory will be credited into the subsidiary's inventory account

E150,000 will be debited to the payables account of the parent company

F150,000 will be credited to the payables account of the subsidiary company

G150,000 will be credited into the receivables account of the parent company

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Correct Answer: A, B

Question No. 2

Which THREE of the following statements about government grants are INCORRECT?

AA grant is recognised as revenue

BGrants must not be deducted from the related expenses in financial statements

CCapital grants relate to cash inflow and outflow

DA compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred

EA grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant

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Correct Answer: A, B, C

Question No. 3

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

AInternational Accounting Standards Board

BStandards Advisory Council

CInternational Financial Reporting Interpretations Committee

DInternational Organisation of Securities Commission

EStandards Application Council

FInternational Financial Reporting Evaluations Committee

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Correct Answer: A, B, C

Question No. 4

AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.

The following results have been produced for receivable days:

Which of the following is NOT an explanation of why the days have increased?

AThe entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.

BThe entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.

CThe entity has transferred all receivables collections to a factoring agency during 20X2.

DAn inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.

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Correct Answer: C

Question No. 5

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

ATax 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.

BTax 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.

CTax 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.

DThe countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

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Correct Answer: A