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CIMA Financial Reporting Sample Questions:

1. The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?

A) $450,000
B) $440,000
C) $480,000
D) $476,000

2. Which of the following is a characteristic of a defined contribution post-employment benefit scheme?

A) The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
B) The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
C) The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
D) The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.

3. Country ZZ allows the cost of a capital asset to be adjusted for an indexation allowance which takes into consideration the effect of inflation, although the indexation allowance cannot convert a chargeable gain into a chargeable loss.
The following data relates to the sale of an asset ABC has the following working capital ratios at 31 December
20X2:
Dunng the year ended 31 December 20X4 credit purchases wefe $1,700,000 and at 31 December 20X4 the outstanding trade payables balance was $340,000 Calculate the working capital cycle for ABC.
Give your answer to the nearest whole number of days and assume there are 365 days in a year. March 20X4:

Calculate the chargeable gain or loss in respect of the sale of this asset.
Give your answer to the nearest $.

4. While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope of their audit, however they did run into problems in that they disagreed with the management on facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion of the business. Which of the following statements should auditor 0 issue?

A) Disclaimer of opinion
B) 'Except for' qualification
C) Emphasis of matter
D) Unqualified report
E) Adverse audit opinion

5. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.
B) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.
C) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
D) Set up an advisory committee then issue an exposure draft and then issue a discussion document.

Solutions: