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CIMA Operational F1 Reddit Questions

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Question 56

CDE has been offering its customers a 50-day credit period, but now wants to improve its cash flow.

CDE is proposing to offer a 2% discount for payment in 20 days. "

Assume a 365-day year and an invoice value of $100

Which of the following is the effective annual interest rate CDE will incur for this action?

Options:

A.

27.9%

B.

44.6%

C.

15.9%

D.

49.8%

Question 57

Which TWO of the following are features of a bank overdraft?

Options:

A.

A fixed amount of interest is determined for the period of the overdraft

B.

Repayments are scheduled in advance

C.

The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.

D.

The bank cannot demand repayment of the overdraft before the end of the agreed period.

E.

Interest is charged on the balance outstanding.

Question 58

Which of the following does the phrase 'events after the reporting period' refer to?

Options:

A.

Material events which occur between the statement of financial position date and the date on which the financial statements are approved

B.

Material events which occur after the release of the statement of financial position

C.

Material events which occur before the statement of financial position date

D.

Material events which occur between the income statement date and the statement of financial position date

Question 59

Corporate governance is the means by which an entity is operated and

Options:

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Exam Code: F1
Exam Name: Financial Reporting
Last Update: May 3, 2024
Questions: 248
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