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CIMA Financial Reporting Sample Questions:

1. It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs £5.00 to package product H and £15 to deliver product H to customers.
PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price.
Which of the below options represent the correct inventory price for product I?

A) £3.50
B) £20.00
C) £7.50
D) £2.50

2. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the value of property, plant and equipment to be recognized in FG's consolidated statement of financial position at 31 December 20X5.
Give your answer to the nearest whole $.

3. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Group's share of the net assets of the other entity are shown as one line under non-current assets.
B) Group's share of the net assets of the other entity are shown as one line within equity.
C) Parent's and 100% of the other entity's assets and liabilities are added together line by line.
D) Parent's and group share of the other entity's assets and liabilities are added together line by line.

4. There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

A) Sarbanes Oxley Act (SOX) is a rules-based approach to corporate governance.
B) A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.
C) Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
D) Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
E) Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.
F) Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.

5. XY acquired 75% of the equity shares of CD on 1 January 20X2 for $230,000.
On 1 January 20X2 CD had the following balances:

XY uses the proportionate share of net assets method to value non controlling interest at acquisition.
Calculate the goodwill arising on the acquisition of CD.
Give your answer to nearest whole number.

Solutions: