CIMAPRA19-F01-1 Exam Dumps

Name: Updated CIMA CIMAPRA19-F01-1 Exam Dumps & Practice Questions | Prep2Certs
Price: 49 USD
Availability: InStock

Vendor

CIMA

Exam Code

CIMAPRA19-F01-1

Exam Name

Financial Reporting

Exam Duration

Total Questions

177

$ 49

PDF VERSION

DEMO QUESTIONS

Q1:
An entity has an inventory holding period of 52 days. This means that the inventory:

A: takes 52 days to arrive after it has been ordered.

B: stays in the entity's warehouse for an average of 52 days before it is sold.

C: takes 52 days to manufacture.

D: takes 52 days to be paid for.

Answer

Correct Answer: B

Q2:
An entity acquires 100% of the equity shares in another entity. The consideration paid for the shares is less than the fair value of the net assets acquired. Which of the following is the correct accounting treatment for the difference between the consideration paid and the fair value of the net assets acquired, in accordance with IFRS 3 Business Combinations?

A: Recognise as a gain in the consolidated statement of profit or loss.

B: Recognise as a deferred credit and release to consolidated profit or loss over its useful economic life.

C: Recognise as a deduction from goodwill in the consolidated statement of financial position.

D: Recognise as a gain in the statement of changes in equity.

Answer

Correct Answer: A

Q3:
Which of the following is NOT a primary need for regulating financial reporting information of incorporated entities?

A: To improve the reliability of information for users.

B: To make information more consistent.

C: To make information more comparable.

D: To ensure that information is consistent with its legal form.

Answer

Correct Answer: D

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