CIma F1 Study Guide
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Transcript of CIma F1 Study Guide
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Cima F1Financial Reporting and Taxation
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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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need to understand its all levels of assurance. If you would like to pass CIMA certifications and you are as well
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Knowledge
Hon-est
Unity
Re-spect
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 strat-
egy to create 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 ex-
plaining the numbers to non-financial managers.Pass your Cima F1 Financial Reporting and Taxation Exam in first attempt by the help of Exams4sure.netGet Complete File http://www.exams4sure.net/cima/f1-exam-questions-dumps.html
Here are some questions of Cima F1 that you get same in your exam.
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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)
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Question No 2:
What are the 3 major principles of good tax policy?
Answer:
• Equity• Efficiency (PAYE system)• Economic effects
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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)
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Question No 4:
What is Tax incidence?
Answer:
The distribution of the tax burden (who is paying the tax)
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Question No 5:
What are the 2 types of incidence?
Answer:
• - Formal incidence: the person who has direct contact with the tax authori-ties
• - Actual incidence: the person who actually ends up bearing the cost of the tax
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Cima F1Financial Reporting and Taxation
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