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CIMA Financial Reporting Sample Questions:

1. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.

2. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What figure should be included for corporate income tax paid in order to arrive at the net cash flow from operating activities?
Give your answer to the nearest $ million.

3. Which of the following is an example of a progressive tax?

A) Corporate income tax of 20% on all earnings
B) Personal income tax of 10% and corporate income tax of 20%
C) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000
D) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001

4. Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

A) Publication of exposure drafts.
B) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.
C) Production of draft interpretations of the IFRS which are open to public comment.
D) Publication of discussion documents.

5. The following information relates to AA.
Extract of Trial Balance at 31 December 20X4;

Notes
(i) Inventory at 31 December 20X4 was valued at cost at $30.
(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.
(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.
(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:
What figures should be entered on the face of the Statement of profit or Loss for the year ended 31 December
20X4 in relation to Interest and Corporate income tax?

A) Interest $25 Corporate income tax $37
B) Interest $25 Corporate income tax $(37)
C) Interest $50 Corporate income tax $(3)
D) Interest $50 Corporate income tax $3

Solutions: