Cima F1 Questions Answers

1
Education
Cima F1 Financial 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.
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CIMA Certificate In Business Accounting
4
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 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 explaining
• the numbers to non-financial managers.

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umps.html
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Here are some questions of Cima F1 that you get
same in your exam.
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umps.html
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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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umps.html
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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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umps.html
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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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umps.html
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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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umps.html
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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 authorities
• - Actual incidence the person who actually ends
  up bearing the cost of the tax

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umps.html
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Pass your Cima F1 Financial Reporting and
Taxation Exam by the help of
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Education
Cima F1 Financial Reporting and Taxation
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