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CIMA Financial Reporting Sample Questions:

1. Which of the following would NOT be classified as part of non-current assets in a statement of financial position?

A) The goodwill arising on the acquisition of a subsidiary.
B) A property held as an investment which is let to tenants.
C) Assets held for sale, classified in accordance with IFRS 5 Non-current Assets Held for Sales and Discontinued Operations.
D) The interest paid on a loan raised to fund the construction of a factory, where that factory is still not ready for its intended use.

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

3. Indicate the possible reasons for the changes identified below to working capital ratios by placing the appropriate reason against each change.

4. For an incorporated business, the taxation of trading income is a form of direct taxation which is based on:

A) business profits where the tax is paid by the shareholders to the tax authorities.
B) dividends paid to shareholders where the tax is paid by the business to the tax authorities.
C) business profits where the tax is paid by the business to the tax authorities.
D) dividends paid to shareholders where the tax is paid by the shareholders to the tax authorities.

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 the investment in associate to be recognised in the consolidated statement of financial position at 31 March 20X2.
Give your answer to nearest whole $.

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