CIMAPRA19-F01-1-ENG Exam Preparation Material | F1 Financial Reporting (Online)

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Prepare for the CIMAPRA19-F01-1-ENG F1 Financial Reporting (Online) exam with CertQueen's independently developed study resources. Review important concepts, practice scenario-based questions, and use clear explanations to identify areas that require further study.

Question#1

HOTSPOT
The United Kingdom (UK) uses a principle based approach to corporate governance which means:


A. 

Question#2

Which of the following is NOT a responsibility of the International Accounting Standards Board?

A. Preparation of international financial reporting standards.
B. Fundraising for the international accounting standards committee foundation.
C. Withdrawal of international accounting reporting standards.
D. Final approval of interpretations by the international financial reporting interpretations committee.

Question#3

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A. A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
B. A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.
C. A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
D. A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

Question#4

Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?

A. It refers to the distribution of the tax burden.
B. It only relates to the person or entity that actually pays the tax authorities.
C. It can be formal or actual.
D. It relates to the person or entity that ultimately bears the cost of the tax.

Question#5

Why are excise duties an attractive method of raising tax for governments? Select TWO that apply.

A. Low cost of collection compared to other forms of taxation.
B. High yields from the tax.
C. Encourages consumption of products such as alcohol.
D. Popular form of tax for the tax payer as it can be reclaimed.
E. Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

Exam Code: CIMAPRA19-F01-1-ENG
Q & A: 177 Q&As         Updated:  Oct 07,2026

 

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Review Key Concepts

Review the technologies, products, processes, and practical skills covered by the current CIMAPRA19-F01-1-ENG exam objectives.

Practice Scenario-Based Questions

Work through independently developed questions designed to strengthen your understanding of technical scenarios and decision-making.

Identify Knowledge Gaps

Use your results and the provided explanations to find weaker areas and focus your study more effectively.

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Exam Code: CIMAPRA19-F01-1-ENG
Q & A: 177 Q&As
Updated:  Oct 07,2026

 

 Access Complete CIMAPRA19-F01-1-ENG Preparation Material