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CIMA Financial Reporting Sample Questions:

1. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Offset the trading loss against capital gams in previous periods
B) Offset the trading loss against group entity profits.
C) Offset The trading loss against its trading profits in future periods
D) Carry the trading loss backwards against trading profits in previous periods.

2. The following information relates to AA.
Extract of Trial Balance at 31 December 20X4;

Notes
(i) Inventory at 31 December 20X4 was valued at cost at $30.
(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.
(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.
(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:
Calculate gross profit for the year ended 31 December 20X4.
Give your answer as a whole $.

3. The Conceptual Framework for Financial Reporting issued by the International Accounting Standards Board (known as the IASB's conceptual framework) includes one underlying assumption about the preparation of financial statements and two fundamental qualitative characteristics for financial information.
Identify the underlying assumption and one of the fundamental characteristics by placing one of the options in each of the boxes below.

4. WX is considering an investment in ST.
At 31 December 20X2 ST had the following balances in its statement of financial position:

Which of the following would cause ST to become an associate investment of WX?

A) WX purchases 50,000 of ST's $1 preference shares.
B) WX purchases 25,000 of ST's $1 equity shares.
C) WX purchases 15,000 of ST's $1 equity shares and 20,000 of ST's $1 preference shares.
D) WX purchases 75,000 of ST's $1 equity shares.

5. According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?

A) The currency that mainly influences selling prices of the entity's goods and services.
B) The currency that mainly influences labour, material and other costs.
C) The currency of the country whose competitive forces determine prices of goods and services.
D) The currency used for published financial reports.

Solutions: