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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following statements are true?

A) Balancing charges increase the taxable profit.
B) Balancing charges reduce the taxable profit.
C) Tax depreciation increases the taxable profit.
D) Balancing allowances reduce the taxable profit.
E) Tax depreciation replaces accounting depreciation when calculating the taxable profit.
F) Balancing allowances increase the taxable profit.

2. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) Initial direct costs of $3,000 are expensed in the statement of profit or loss.
B) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
C) The value of the right of use asset on 1 January 20X6 is $273,000.
D) The value of the lease liability on 1 January 20X6 is $273,000.
E) The value of the lease liability on 1 January 20X6 is $270,000.
F) The right of use asset is depreciated over 3 years.

3. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

4. Which of the following is NOT a source of short-term finance?

A) Debt factoring
B) Increase in trade payables
C) Increase in a bank overdraft
D) Increase in trade receivables

5. In Country X corporate income tax is levied on profits as follows:

Which of the following describes the tax rate structure in Country X?

A) Competent
B) Regressive
C) Proportional
D) Progressive

Solutions: