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100+ Free CIMA F1 Practice Questions

Pass your CIMA Operational Level F1: Financial Reporting exam on the first try — instant access, no signup required.

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2026 Statistics

Key Facts: CIMA F1 Exam

~60

Objective Test Questions

CIMA / Pearson VUE

90 min

Exam Duration

CIMA / Pearson VUE

100/150

Scaled Pass Mark

CIMA

45%

Financial Statements Weighting

CIMA Operational Blueprint

25%

Cash and Working Capital Weighting

CIMA Operational Blueprint

On-demand

Exam Availability

CIMA / Pearson VUE

CIMA F1 Financial Reporting is a computer-based, on-demand objective test of around 60 questions in 90 minutes, sat at Pearson VUE or online. The 2026-2027 Operational blueprint weights it as regulatory environment 10%, financial statements and integrated reporting 45%, principles of taxation 20%, and managing cash and working capital 25%. Results are scaled, with a pass mark of 100 out of 150 rather than a simple raw percentage. F1 is one of three Operational objective tests sat before the Operational Case Study.

Sample CIMA F1 Practice Questions

Try these sample questions to test your CIMA F1 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which body is responsible for developing and issuing International Financial Reporting Standards (IFRS Accounting Standards) used by CIMA in the F1 syllabus?
A.The International Accounting Standards Board (IASB)
B.The IFRS Interpretations Committee
C.The International Organization of Securities Commissions (IOSCO)
D.The IFRS Advisory Council
Explanation: The IASB is the independent standard-setting body of the IFRS Foundation that develops and issues IFRS Accounting Standards. CIMA F1 financial statements questions are based on these IASB-issued standards.
2Under the IFRS Conceptual Framework, an asset is best defined as:
A.A present economic resource controlled by the entity as a result of past events
B.A future inflow of economic benefits expected within twelve months
C.Any item of property that is legally owned by the entity
D.Any resource that a business has paid cash for in the current period
Explanation: The 2018 Conceptual Framework defines an asset as a present economic resource controlled by the entity as a result of past events, where an economic resource is a right with the potential to produce economic benefits. Control, not legal ownership, is the key criterion.
3The standard-setting due process for a new IFRS Accounting Standard normally begins with the publication of which document?
A.A Standards-level Review of Disclosures
B.An Exposure Draft for public comment
C.A Discussion Paper or research paper
D.A final IFRS Accounting Standard
Explanation: The IASB due process typically starts with research and a Discussion Paper to gather views, followed by an Exposure Draft for public comment, then the final standard after consideration of comments. The Discussion Paper is the earliest formal consultation document.
4Which qualitative characteristic in the IFRS Conceptual Framework is described as a fundamental (rather than enhancing) characteristic of useful financial information?
A.Comparability
B.Timeliness
C.Faithful representation
D.Verifiability
Explanation: The Conceptual Framework identifies two fundamental qualitative characteristics: relevance and faithful representation. Comparability, verifiability, timeliness and understandability are the four enhancing characteristics.
5An external audit opinion that states financial statements 'give a true and fair view' or are 'presented fairly, in all material respects' is known as which type of opinion?
A.A qualified opinion
B.An adverse opinion
C.A disclaimer of opinion
D.An unmodified (unqualified) opinion
Explanation: An unmodified, or unqualified, opinion is issued when the auditor concludes the financial statements give a true and fair view and are free from material misstatement. The other three are modified opinions reflecting problems with the statements or the audit evidence.
6The CIMA Code of Ethics is based on which framework of fundamental principles?
A.The IESBA Code of Ethics for Professional Accountants
B.The IFRS Conceptual Framework
C.The UK Corporate Governance Code
D.The COSO internal control framework
Explanation: The CIMA Code of Ethics is based on the IESBA (International Ethics Standards Board for Accountants) Code, built on five fundamental principles: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
7Integrated reporting, as promoted by the IFRS Foundation through the <IR> Framework, primarily aims to explain how an organisation creates value over time using which concept?
A.The six capitals
B.The four primary financial statements
C.Double-entry bookkeeping
D.Earnings per share growth only
Explanation: The Integrated Reporting <IR> Framework explains value creation through six capitals: financial, manufactured, intellectual, human, social and relationship, and natural. It connects financial and non-financial performance into a single report.
8Under IAS 16 Property, Plant and Equipment, which of the following costs may be capitalised as part of the cost of an item of PPE?
A.Administrative and other general overheads
B.Costs of opening a new facility (launch costs)
C.Directly attributable costs of site preparation and installation
D.Initial operating losses incurred while demand builds up
Explanation: IAS 16 permits capitalisation of the purchase price plus any directly attributable costs of bringing the asset to the location and condition necessary for it to operate, such as site preparation, delivery, installation and professional fees.
9A machine is purchased for $200,000 with an estimated residual value of $20,000 and a useful life of 6 years. Using the straight-line method, the annual depreciation charge is:
A.$33,333
B.$30,000
C.$36,667
D.$25,000
Explanation: Straight-line depreciation = (cost − residual value) ÷ useful life = ($200,000 − $20,000) ÷ 6 = $180,000 ÷ 6 = $30,000 per year.
10Under IAS 2 Inventories, inventories should be measured at:
A.Cost only
B.Net realisable value only
C.The lower of cost and net realisable value
D.The higher of cost and fair value less costs to sell
Explanation: IAS 2 requires inventories to be measured at the lower of cost and net realisable value (NRV). NRV is the estimated selling price in the ordinary course of business less the estimated costs of completion and costs to sell.

About the CIMA F1 Exam

CIMA F1 Financial Reporting is an Operational-level objective test covering the regulatory environment of financial reporting, preparing and consolidating IFRS financial statements and integrated reporting, the principles of taxation, and managing cash and working capital.

Questions

60 scored questions

Time Limit

90 minutes

Passing Score

Scaled score of 100 out of 150

Exam Fee

Objective test entry fee set in local currency and published on the CIMA website (AICPA & CIMA / Pearson VUE)

CIMA F1 Exam Content Outline

10%

The regulatory environment of financial reporting

The IASB and standard-setting due process, the IFRS Conceptual Framework, external audit and audit opinions, and the ethical principles governing financial reporting.

45%

Financial statements and integrated reporting

Preparing primary financial statements under IFRS, applying IAS 16, IAS 2, IAS 36, IAS 10, IAS 37, IFRS 15 and IFRS 16, consolidating subsidiaries and associates, and integrated reporting.

20%

The principles of taxation

Types and features of direct and indirect taxes, corporate income tax computations, IAS 12 current and deferred tax, VAT, international tax and double taxation relief.

25%

Managing cash and working capital

The working capital cycle, liquidity ratios, inventory, receivables and payables management, cash budgeting, cash management models, and short-term sources of finance.

How to Pass the CIMA F1 Exam

What You Need to Know

  • Passing score: Scaled score of 100 out of 150
  • Exam length: 60 questions
  • Time limit: 90 minutes
  • Exam fee: Objective test entry fee set in local currency and published on the CIMA website

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

CIMA F1 Study Tips from Top Performers

1Spend most of your time on the financial statements area, which is 45% of the exam and covers the widest range of IFRS standards.
2Learn the key IFRS standards by what they recognise and measure, then practise short calculations such as depreciation, NRV, impairment, and goodwill.
3Drill IAS 12 deferred tax with worked temporary-difference examples until the asset-versus-liability direction is automatic.
4Practise working capital calculations, including the cash operating cycle, EOQ, and liquidity ratios, under timed conditions.
5Do full 90-minute mocks so your pacing matches roughly 90 seconds per question across all four content areas.
6Keep an error log tagged by content area and standard so revision targets your weakest topics.

Frequently Asked Questions

How many questions are on the CIMA F1 exam?

CIMA F1 is a computer-based objective test of around 60 questions taken in a single sitting. Question formats include multiple choice, number entry, and drag and drop.

How long is the CIMA F1 exam?

The F1 objective test lasts 90 minutes. It is an on-demand exam, so candidates can book and sit it at a time that suits them rather than on fixed exam dates.

What is the CIMA F1 pass mark?

CIMA scales objective test results, and the pass mark is reported as 100 out of 150. This means F1 is not assessed on a simple raw percentage, and the scaled score reflects question difficulty.

What is on the CIMA F1 syllabus?

The 2026-2027 Operational blueprint weights F1 as regulatory environment of financial reporting 10%, financial statements and integrated reporting 45%, principles of taxation 20%, and managing cash and working capital 25%.

Where can I sit the CIMA F1 exam?

F1 is delivered through Pearson VUE, either at a test centre or via online proctoring. It is one of three Operational-level objective tests sat before the Operational Case Study.

Is CIMA F1 the same as the old Financial Reporting and Taxation paper?

F1 was titled Financial Reporting and Taxation before the 2019 syllabus. The current paper, Financial Reporting, still covers IFRS financial statements, taxation principles, and working capital management.