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CIMA Financial Reporting Sample Questions:

1. Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:

[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the value of inventory that would be included in JK's consolidated statement of financial position at 31 December 20X8.
Give your answer to the nearest $.

2. In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?

A) Proceeds from share issue, dividends received and profit for the period.
B) Proceeds from share issue, other income and profit for the period.
C) Other income, dividends paid and revaluation surplus.
D) Proceeds from share issue, dividends paid and revaluation surplus.

3. When developing local Generally Accepted Accounting Principles (known as local GAAP) some countries start with International Financial Reporting Standards (IFRSs) which are then amended to reflect local needs and conditions.
This type of approach is classified as:

A) Adoption of IFRSs as local GAAP.
B) Using IFRSs as a model for local GAAP.
C) IFRSs having little or no impact in formulating local GAAP.
D) IFRSs having a persuasive influence in formulating local GAAP.

4. Which of the following are techniques that can be used by a company to ensure they receive timely payment of receivables? Select ALL that apply:

A) Offering extended credit to return customers
B) Charging interest on late payments
C) Assessing credit risk of customers before they are given credit
D) Offering cash or early payment discount
E) Offering free items

5. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What figure should be included for corporate income tax paid in order to arrive at the net cash flow from operating activities?
Give your answer to the nearest $ million.

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