Try and practice the latest CIMA : F1 real questions & answers

Last Updated: Oct 25, 2026

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CIMA F1 Exam Syllabus Topics:

SectionObjectives
Accounting Standards Application- Basic application of IFRS standards
  • 1. Revenue recognition principles
    • 2. Inventory valuation methods
      Financial Statement Analysis- Performance analysis
      • 1. Ratio analysis
        • 2. Trend analysis
          - Interpretation of financial information
          • 1. Limitations of financial statements
            • 2. Assessment of profitability and liquidity
              Financial Reporting Fundamentals- Financial Statements Preparation
              • 1. Statement of financial position
                • 2. Statement of profit or loss and other comprehensive income
                  • 3. Statement of cash flows basics
                    - Regulatory Framework
                    • 1. International Financial Reporting Standards (IFRS) principles
                      • 2. Conceptual framework for financial reporting

                        Everything Candidates Ask About the CIMA F1 Exam

                        The CIMA Financial Reporting exam includes 60 objective test questions questions and gives you 90 minutes to finish. That works out to a tight per-question pace, so flagging a hard item and moving on is usually smarter than getting stuck. Before test day, sit at least one full timed session with the Actual4Cert test engine — practicing under the clock is the fastest way to build the rhythm the real F1 exam demands.

                        The F1 exam is the official CIMA exam that leads to the CIMA Professional Qualification (CGMA) – Operational Level certification, positioned at the Operational Level level. It validates the skills employers expect from certified professionals, and passing it is a concrete step forward in an IT career. It is also connected with other credentials in the same track, including CIMA Certificate in Business Accounting (Cert BA), CIMA Operational Level, CGMA Designation.

                        Yes. Actual4Cert offers a free PDF demo of the CIMA Financial Reporting material, so you can check the question style and answer quality before paying. After purchase, your product includes 365 days of free updates; once that period expires, you can extend the update service at a 50% discount from your member zone.

                        The passing score for the CIMA Financial Reporting exam is 100/150 (approximately 67%), and the official registration fee is Varies by region (typically around £100–£150 GBP). Keep in mind that a failed attempt means paying the full fee again to retake it. A sensible approach is to test yourself first with Actual4Cert practice questions and only book your seat once your mock scores sit comfortably above 100/150 (approximately 67%).

                        The CIMA Financial Reporting exam is organized into 3 domains. The main ones include Financial Statement Analysis; Financial Reporting Fundamentals; Accounting Standards Application. Weightings tell you where to spend most of your study time, and the full topic breakdown is listed in the exam outline section above on this page.

                        You can book the F1 exam through the official registration channels below:

                        The exam is delivered as Computer-based exam via Pearson VUE test centres or online remote proctoring (where available), so pick the option that fits your schedule when booking.

                        If you take the CIMA Financial Reporting exam within 60 days of your purchase and do not pass, you can apply for a full refund under the Actual4Cert refund policy. The claim requires a scanned enrollment slip and your official Score Report in PDF, submitted within 2 days after the exam; claims are processed within 7 days. Note that the guarantee applies only to the corresponding exam — attempts taken within 3 days of purchase, downloaded-but-never-taken exams, free materials, and expired orders are not covered, and the candidate name must match the payer name. Prefer new material instead of a refund? You can swap for two free exam products of equal value and keep the update service on your original purchase. As for delivery, everything is instant: the download link reaches your mailbox within one minute of payment (contact support if nothing arrives within 2 hours), and there is no limit on how many computers you can install it on.

                        No formal prerequisites for entry, but typically part of CIMA CGMA Professional Qualification progression (Operational Level follows or is taken alongside other Operational papers) Requirements like these can change, so before you book, confirm the current eligibility rules on the official page: https://www.cimaglobal.com/Qualifications/CGMA-Professional-Qualification/.

                        CIMA recommends the following training options for F1 candidates:

                        Official courses build the theory; the 247 practice questions from Actual4Cert then let you measure how ready you actually are for the real exam.

                        CIMA Financial Reporting Sample Questions:

                        Question #1

                        RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
                        In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.
                        Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.
                        XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.
                        Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.

                        • A. $124,963
                        • B. $125,538
                        • C. $115,038
                        • D. $114,463
                        Reveal Solution  Discussion  0

                        Correct Answer: C  🗳️

                        Question #2

                        For the year ending 31 March 20X2, MN made an accounting profit of $120,000. Profit included $8,500 of political donations which are disallowable for tax purposes and $8,000 of income exempt from taxation.
                        MN has $15,000 of plant and machinery which was acquired on 1 April 20X0 and purchased a new machine costing $25,000 on 1 April 20X1. This new machine is entitled to first year allowances of 100% instead of the usual tax depreciation of 20% reducing balance. All plant and machinery is depreciated in the accounts at 10% on cost.
                        MN also has a building that cost $120,000 on 1 April 20X0 and is depreciated in the accounts at 4% on a straight line basis. Tax depreciation is calculated at 3% on a straight line basis.
                        Calculate the taxable profit.
                        Give your answer to the nearest $.

                        Reveal Solution  Discussion  0

                        Correct Answer:

                        $98300

                        Question #3

                        The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
                        Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

                        • A. A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
                        • B. The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
                          $150,000.
                        • C. Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
                        • D. Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
                        Reveal Solution  Discussion  0

                        Correct Answer: A  🗳️

                        Question #4

                        Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

                        FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
                        FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
                        FG used the proportion of net assets method to value non-controlling interests at acquisition.
                        KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
                        The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
                        Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5.
                        Give your answer to the nearest whole $.

                        Reveal Solution  Discussion  0

                        Correct Answer:

                        $144800

                        Question #5

                        In Country X, trading losses in any year can be carried back and set off against trading profits in the previous year, with any unrelieved losses carried forward to set against the first available trade profits in future years.
                        GH had the following taxable profits and losses in years 20X1 to 20X4:

                        What are the taxable profits for 20X4, assuming the most efficient use of the loss is made?

                        • A. $70,000
                        • B. $100,000
                        • C. $65,000
                        • D. $95,000
                        Reveal Solution  Discussion  0

                        Correct Answer: D  🗳️

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