CIMA F1 study plan

Map the F1 syllabus structure for financial reporting and non-current assets, listing every learning outcome and ticking which you can already explain aloud

Explain the qualitative characteristics of useful financial information and apply them to two short scenarios you write yourself

Describe the elements of financial statements (asset, liability, equity, income, expense) and test each definition against four borderline examples such as prepayments and provisions

Distinguish capital from revenue expenditure and classify ten mixed transactions you draft into the correct category with a one-line justification each

Calculate depreciation under straight-line, reducing balance and units-of-production methods and reconcile the three results for the same asset over five years

Prepare a non-current asset register extract showing cost, accumulated depreciation and carrying amount after a mid-year acquisition and a mid-year disposal

Account for a revaluation upwards and downwards including the treatment of the revaluation surplus, excess depreciation transfer and any impairment interaction

Explain the criteria for recognising an asset, including subsequent expenditure, borrowing costs eligible for capitalisation and the treatment of a government grant on an asset

Apply the lower of cost and net realisable value rule to a stock list of at least ten inventory lines and compute the required write-down

Compare FIFO and weighted average cost on the same movement schedule and state the effect of each on gross profit and closing inventory

Explain the treatment of inventory in a manufacturing context, covering raw materials, work in progress and finished goods, and normal versus abnormal wastage

Describe the disclosure requirements for non-current assets and inventory in the notes to the financial statements and draft those notes for your fictional company

Prepare a statement of cash flows under the indirect method from a trial balance and comparative statements of financial position you construct

Reconcile profit before tax to cash generated from operations, correctly handling depreciation, profit on disposal, finance costs and working capital movements

Classify items into operating, investing and financing activities and justify three judgemental classifications in writing

Explain the purpose of the statement of cash flows and how a user interprets a negative free cash position