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CIMA Financial Reporting Sample Questions:

1. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
B) The property impairment should not be recorded until the sale has completed.
C) The property should be treated as a non-current asset held for sale from 31 March 20X1.
D) The property should not be depreciated after 31 March 20X1.
E) The property should be depreciated until 31 October 20X1.
F) The property should be treated as a non-current asset held for sale from 1 November 20X1.

2. What does the exemption method of giving double taxation relief mean?

A) The countries agree on certain types of income which will be exempt or partially exempt in both countries.
B) The countries agree that all types of income will be exempt or partially exempt in both countries.
C) The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.
D) The countries agree that all types of income will be exempt or partially exempt in one country or the other.

3. MN recently took out a 5 year term loan to buy raw materials to take advantage of a supplier's bulk discount that had been offered to them.
What approach to financing working capital has MN undertaken?

A) Moderate
B) Aggressive
C) Permanent
D) Conservative

4. 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) $124,963
C) $115,038
D) $125,538

5. Which of the following would NOT be assessed for tax under a Pay-As-You-Earn system?

A) The wealth of an employee.
B) Benefits in kind received by an employee.
C) Profit-sharing payments received by an employee.
D) Commissions received by an employee.

Solutions: