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CIMA Financial Reporting Sample Questions:

1. LM is preparing its cash forecast for the next three months.
Which of the following items should be left out of its calculations?

A) Rental payment on a leased vehicle.
B) Expected loss on the disposal of a piece of land.
C) Tax payment due, that relates to last year's profits.
D) Receipt of a new bank loan raised for the purpose of purchasing new machinery.

2. From the list below identify the item that appears in the statement of financial position.

A) The amount of loans repaid during the year.
B) The amount of interest charged on loans during the year.
C) The amount of interest actually paid during the year.
D) The amount of loans outstanding at the year end.

3. UV's financial statements for the year ended 31 March 20X8 were approved for publication on 30 June 20X8.
In accordance with IAS 10 Events After the Reporting Period, which of the following material events would have been classified as a non-adjusting event in these financial statements?

A) On 1 June 20X8 UV was awarded damages of $70,000 in respect of a legal claim that it had made against the local government authority in October 20X7.
B) On 10 April 20X8 UV received a communication stating that one of its customers had ceased trading and gone into liquidation. The balance outstanding at 31 March 20X8 was unlikely to be paid.
C) On 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.
D) On 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.

4. Which of the following is NOT a reason why financial reporting information needs to be regulated?

A) So that potential investors can compare the financial information of different companies.
B) So that a bank can assess the amount of finance it is prepared to lend to a company.
C) So that shareholders of a quoted company can make informed decisions about their investments
D) So that the managers of a company can make decisions about its operations.

5. 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.
Calculate the profit attributable to the non-controlling interests disclosed in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
Give your answer to the nearest whole $.

Solutions: