Cima f1 Exam Questions

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What is CIMA?

CIMA is the most relevant accounting qualification for business. Becoming a Chartered

Management Accountant can accelerate your career and boost your salary. It is a proven path

to business success.

CIMA Certificate In Business Accounting

F1 financial operations:

The F1 exam focuses on how to prepare full financial statements for a single

company and the principal consolidated financial statements for a simple group

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Now days passing CIMA certification exams are not easy and simple. Before you attempt to get the exams, you

need to understand its all levels of assurance. If you would like to pass CIMA certifications and you are as well

seeking for most excellent and simple to understand stuff so, now it is very simple for you to obtain it. This website is offering you here most up-to-date questions &

answers of CIMA certification exams, correct according to the updated exam.

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How Cima Benefits Your Business

Analysis - Understanding the history behind numbers and use it to make business decisions Strategy – Using the insight from analysis to help formulate business strategy to cr

eate wealth and shareholder value. Risk - The application of analytical skills to observe business processes end end a

pair identify and manage risks. Planning – using accounting techniques to plan and budget. Communication – knowing what information management needs and explaining the numbers to non-financial managers.




Here are some questions of Cima F1 that you get same in your exam.






Question No 1:

What are the Characteristics of a good tax according to Adam Smith?

Answer:

• - Fair (reflect person's ability to pay)• - Absolute (certain not arbitrary)• - Convenient (easy to pay)• - Efficient (low collection costs)




Question No 2:

What are the 3 major principles of good tax policy?

Answer:

• Equity• Efficiency (PAYE system)• Economic effects




Question No 3:

What are 2 types of taxes?

Answer:

• - Direct: imposed directly on the person or enterprise required to pay the tax (tax on personal income, on business profits, on disposal of chargeable assets): income tax, capital gains tax, corporation tax

• - Indirect: imposed on one part of the economy with the intention that the tax burden be passed on to another (sales tax, VAT)




Question No 4:

What is Tax incidence?

Answer:

The distribution of the tax burden (who is paying the tax)




Question No 5:

What are the 2 types of incidence?

Answer:

• - Formal incidence: the person who has direct contact with the tax authorities• - Actual incidence: the person who actually ends up bearing the cost of the tax




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