CIMA Sri Lanka holds first convocation for the year | Latest News

The first call of CIMA Sri Lanka for the year celebrated the success of 301 students who completed the exam, 379 associate members, 11 associated Members and 8 winners.
Andrew Harding (Chief Executive Officer - Accounting Management) of the Association of Professional Accountants International Certificates (the Association) was in charge of being the Head of the Chamber. This is the first convocation held in Sri Lanka after the creation of the Association at the beginning of the year.
In January of 2017, CIMA and its partner of joint companies, the American Institute of CPA (AICPA), combined their strengths to form the association, whose objective is to be the most influential body of professional accountants Of the world. The association represents 650,000 members and students in public accounting and management and defends the public interest and business sustainability in current and emerging issues.

In his direction directed to the public, Andrew deepened the importance of the association: "Our association will improve the recognition of the qualification of its management accounting, professional perspectives and their capacity for employment." The quality of the members of Sri Lanka CIMA, the students and the provision of classes was highly praised by Andrew, who said that he is still impressed by the successes of local CGMAs. He added: "Here in Sri Lanka, the CIMA community is strong, with about 4,000 members that have the designation of Chartered Global Management Accountant (CGMA). Like CGMA, they occupy strategic positions in companies and organizations from different sectors. The community is strong because employers recognize the value that our qualification brings. "
The message of Andrew's takeoff at the call was the importance of keeping management counters relevant in a world with unprecedented socio-economic and technological changes.

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Question No 4

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)

Cima F1 Financial Reporting And Taxation Question And Answers

Question No 3:

Why split sales volume variance to sales mix variance and sales quantity variance?Sales Volume Variance - Enables Management to identify contribution of sales team to acheive revised sales budget.
[Actual sales vol. - Budgeted sales vol.] × Budgeted Profit /unit

Sales Mix Variance - Enables management to see how much variance is due to actual sales mix differ from budgeted sales mix
[ Actual sales - Actual sales @ budget mix] × Budgeted Profit /unit

Sales Quantity Variance - Allows management to see how much variance is caused by difference between actual sales and budgeted sales.
[ Actual sales @ budget mix - Budgeted sales] × Budgeted Profit /unit

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Question No 2:

Which of the following is NOT a principle in the CIMA Code of Ethics for Professional Accountants?

A. Timeliness
B. Integrity
C. Professional competence and due care
D. Objectivity

Answer: A

 

Free CIMA F1 Financial Reporting And Taxation Exam Questions

Question No 1:

An ideal tax system should conform to certain principles. Which one of the following statements is not generally regarded as a principle of an ideal tax?

A. It should be fair to different individuals and should reflect a person’s ability to pay.
B. It should not be arbitrary, it should be certain.
C. It should raise as much money as possible for the government.
D. It should be convenient in terms of timing and payment.

Answer: C