CIMA F1 Objective Test Exam
CIMA F1: Financial Reporting
F1 is one of three operational level objective test exams. These exams have to be completed before you can attempt the operational case study exam. Here’s a summary of the F1 module:
“CIMA F1 covers the regulation and preparation of financial statements and how the information contained in them can be used.
It provides the competencies required to produce financial statements for both individual entities and groups using appropriate international financial reporting standards. It also gives insights into how to effectively source and manage cash and working capital, which are essential for both the survival and success of organisations.
The competencies gained from F1 form the basis for developing further insights into producing and analysing complex group accounts (covered in F2) and formulating and implementing financial strategy (covered in F3).“
See how F1 fits into the whole CIMA syllabus here.
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Syllabus weightings & Assessment strategy
10% – Regulatory environment of financial reporting
45% – Financial statements
20% – Principles of taxation
25% – Managing cash and working capital
You will be assessed through a 90-minute long computerised objective test consisting of 60 equally weighted questions. All learning areas of the syllabus will be covered, therefore it is important that you revise ALL topics for the exam. The topic weighting mentioned above will also be reflected in the test. The pass mark is 70%.
Every exam is randomly generated by a computer, therefore the questions are presented in no specific order and each student takes a different test.
The questions will be formatted in a number of different ways:
- Multiple choice & multiple response questions – You will be required to select the correct answer/answers from the several answers presented to you.
- Drop down questions– You will be asked to select the correct answer from a drop-down list of possible answers.
- Drag and drop questions – You will be asked to move an object/label to another location.
- Hot spot questions – These will require you to identify an area on an image by clicking on it.
Your results will be available as soon as you have finished your test. You will also be given feedback alongside your mark.