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CIMA Advanced Financial Reporting Sample Questions:

1. ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year's time.
These debentures cannot be traded. The yield to maturity on these debentures has been calculated at
5%.
Which of the following would explain why the yield to maturity is lower than the coupon?

A) The debentures will be redeemed at a discount to their par value.
B) ST will benefit from the tax relief on the interest payment.
C) The market value of the debentures must be higher than their par value.
D) The debentures will be redeemed at their par value.

2. Which of the following should be eliminated when using the equity method to account for associates in a parent's financial statements?
Select ALL that apply.

A) Goodwill payments
B) Unrealised profits
C) Intra-group balances and transactions
D) Dividends from associates

3. On 1 January 20X4 EF grants each of its 125 employees 500 share options on the condition that they remain in employment for 3 years. During the year to 31 December 20X4 10 employees left and It is expected that a further 25 will leave before the end of the vesting period.
The fair value of each share option is $30 on 1 January 20X4 and $45 on 31 December 20X4.
What is the journal entry in respect of these share options in EF's financial statements for the year ended 31 December 20X4?

A) Option D
B) Option C
C) Option A
D) Option B

4. EF acquired a copy machine under a three-year operating lease. EF will pay nothing in year one and then will pay $6,000 in years two and three. The estimated economic useful life of the machine is six years.
Which THREE of the following statements are true in respect of how EF will account for its use of the machine and the associated operating lease payments?

A) EF will charge $4,000 to profit or loss in each of the three years in respect of this operating lease.
B) EF will include an accrual of $6,000 at the end of year one in respect of the lease payments.
C) EF will record a credit to bank of $6,000 in year two.
D) An asset of $12,000 will be included in EF's property, plant and equipment at the start of the lease.
E) EF will include an accrual of $4,000 at the end of year one in respect of the lease payments.
F) EF will record no expense in year one in respect of the operating lease charges for this machine.

5. The basic earning per share computed by a company for year ended 31st March 20X7 is £2 per share.
The company had certain convertible debentures outstanding as on 31st March 20X7. The conversion of debentures to equity shares would result in the earnings per share to be £2.2. Which of the following should the company disclose?

A) Both basic and diluted earnings per share
B) Diluted earnings per share only
C) Basic earnings per share only
D) Neither basic nor diluted earnings per share

Solutions: