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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

A) The elements of financial statements
B) The formats of financial statements
C) Specification of the financial statements that must be presented
D) The objective of financial statements
E) Definition of the headings to use in financial statements
F) Qualitative characteristics of financial statements

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

3. RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.
Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.
Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.

A) $114,463
B) $115,038
C) $124,963
D) $125,538

4. Which THREE of the following would be included in a cash budget?

A) Profit on disposal of motor vehicle
B) Salaries paid to staff
C) Dividends received from associate
D) Impairment of goodwill
E) Depreciation on machinery
F) Interest payments

5. The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's ordinary share capital on 31 March 20X3.
The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its share capital was £37,000. NCI fair value on the date of acquisition was £31,000.
What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both the proportion of net assets method and the full good will method for valuing the non-controlling interest.

A) Proportion of net assets method = £25,150
B) Proportion of net assets method = £77,150
C) Full goodwill method = £57,000
D) Full goodwill method = £5,000
E) Full goodwill method = £25,150
F) Proportion of net assets method = £5,000

Solutions: