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CIMA Financial Reporting Sample Questions:

1. On 1 May 20X8 DEF enters into a contract to lease plant with a fair value of $200,000. Annual lease payments of $50,000 are to be paid in advance and DEF incurred direct costs to arrange the lease of S2.000 The present value of future lease payments at 1 May 20X8 is $190,000.
What is the amount to be recognised as a right-of-use asset on 1 May 20X8?

A) $200,000
B) $192 000
C) $240,000
D) $242000

2. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property should be treated as a non-current asset held for sale from 31 March 20X1.
B) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
C) The property should not be depreciated after 31 March 20X1.
D) The property should be depreciated until 31 October 20X1.
E) The property impairment should not be recorded until the sale has completed.
F) The property should be treated as a non-current asset held for sale from 1 November 20X1.

3. Which of the following would NOT normally be subject to a withholding tax?

A) Interest on fixed term loans
B) Equity dividends paid
C) Profit for the year
D) Royalties paid

4. BBB has been experiencing liquidity problems and currently has an overdraft with the bank.
Which THREE of the following would be appropriate measures to help address this problem?

A) Shorten the time taken to pay creditors.
B) Reduce the selling price of goods to reduce the holding of stock.
C) Sell some surplus fixed assets.
D) Offer early settlement discounts to encourage debtors to pay more quickly.
E) Invest in a short term deposit with the bank.
F) Pay a dividend to shareholders.

5. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April
20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.

Solutions: