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CIMA Financial Reporting Sample Questions:

1. Which of the following is not a possible tax rate structure?

A) Regressive
B) Direct
C) Proportional
D) Progressive

2. If a parent entity is to be exempt from preparing consolidated financial statements it needs to satisfy certain conditions according to IFRS 10 Consolidated Financial Statements.
Which TWO of the following are conditions that need to be satisfied to be exempt?

A) The ultimate parent of the parent entity publishes consolidated financial statements which are publicly available.
B) The parent entity is itself a wholly owned subsidiary of another entity.
C) The parent 's investment in its subsidiaries are all below 100%.
D) The parent entity has subsidiaries, one or more of which publishes consolidated financial statements.
E) The parent entity has no more than 10 subsidiaries or associated entities.

3. DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.
DE uses straight line depreciation for this asset.
On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.
Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

A) $31,500
B) $28,000
C) $26,000
D) $30,000

4. 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 $.

5. Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

A) Standards Advisory Council
B) International Financial Reporting Evaluations Committee
C) International Organisation of Securities Commission
D) Standards Application Council
E) International Financial Reporting Interpretations Committee
F) International Accounting Standards Board

Solutions: