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CIMA Advanced Financial Reporting Sample Questions:

1. On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:
Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A) Increase in the deferred tax asset.
B) Increase in the deferred tax liability.
C) Decrease in the deferred tax liability.
D) Decrease in the deferred tax asset.

2. LM is a car dealer that is supplied inventory by car manufacturer SQ. Trading between LM and SQ is subject to a contractual agreement. This agreement states the following:
* Legal title of the cars remains with SQ until they are sold by LM to a third party.
* Upon notification of sale to a third party by LM, SQ raises an invoice at the price agreed at the original date of delivery to LM.
* LM has the right to return any car at any time without incurring a penalty.
* LM is responsible for insuring all of the cars on its property.
When considering how these cars should be accounted for, which THREE of the following statements are true?

A) LM should recognise the cars as inventory in their financial statements.
B) SQ should recognise revenue when the cars are delivered to LM.
C) The most significant risks attached to the cars are held by LM.
D) The most significant risks attached to the cars are held by SQ.
E) When LM sells a car to a third party, SQ should recognise the revenue associated with that sale.
F) SQ should recognise the cars as inventory in their financial statements.

3. AB acquired an investment in a debt instrument on 1 January 20X5 at its nominal value of $25,000, which it intends to hold until maturity. The instrument carried a fixed coupon interest rate of 5%, payable in arrears. Transactions costs of $5,000 were paid in respect of this investment. The effective interest rate applicable to this instrument was estimated at 9%.
Calculate the value of this investment that AB will include in its statement of financial position at 31 December 20X5.
Give your answer to the nearest whole number.
$ ?

4. Taking each statement individually, which of the following explains the movement in the gross profit margin from 20X4 to 20X5 as calculated by the analysts?

A) Reduction in the cost of raw materials NOT passed onto customers.
B) Prompt payment discounts no longer offered to customers.
C) Increase in the levels of closing inventory of raw materials.
D) Increase in the volume of sales over the year.

5. MNO is listed on its local stock exchange. It has a high level of gearing compared to the industry average as a result of rapid expansion funded by debt. The directors of MNO would like to reduce the level of gearing by raising equity to fund the next expansion project. The directors are considering whether to use a placing of new shares or a rights issue.
Which of the following statements is true?

A) The directors must use a placing before offering the rights issue to existing shareholders.
B) A rights issue would not need to be underwritten because the risk of the shares not being taken up is small compared to a placing.
C) A placing will increase the proportion of the total number of MNO's shares held by large investors.
D) The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.

Solutions: