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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following statements are true?

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

2. An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.
Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.
Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.
Give your answer to the nearest whole $.

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

4. The following information is extracted from OO's statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.
The following information if included within OO's statement of profit or loss for the year ended 31 March
20X2:

Included within finance cost is $124,000 which relates to interest paid on a finance lease. 00 includes finance lease interest within financing activities on its statement of cash flows.________________ Within OO's statement of cash flow for the year ended 31 March 20X2 which figures should be included to reflect the changes in working capital within the net cash flow from operating activities?

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

5. Which of the following is the most appropriate definition of the term 'factoring'?

A) Where a business sells its accounts receivable to a third party at a discount
B) Where a business is provided with a highly flexible regular source of short-term finance by a bank
C) Where a business sells equity to third parties to gain short-term finance
D) Where a business borrows a loan with short-term conditions from a third party

Solutions: