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CIMA Financial Reporting Sample Questions:

1. The auditor has identified a material but not pervasive mis-statement whilst undertaking the external audit of an entity's financial statements.
This will result in a modified audit report with the opinion being .

2. Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).
Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?

A) IFRS are quick to implement which reduces the costs involved.
B) Specific local variations that might be needed will not be accommodated.
C) Easier to adopt standards which have already been developed.
D) Facilitates comparability with other countries who use IFRS as their local GAAP.

3. Which of the following is the main purpose of corporate governance regulation?

A) To guarantee that corporate scandals do not happen in the future.
B) To protect the interests of shareholders in a quoted entity.
C) To ensure that shareholder wealth is maximized.
D) To ensure that financial reports are produced on a regular basis and in line with relevant regulations.

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

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

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

Solutions: