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CIMA Financial Reporting Sample Questions:

1. JKL prepares its financial statements to 31 December each year. For the year ended 31 December 20X5 inventory was held for 76 days on average.
The directors of JKL decide to reduce the average inventory level to $6.5 million from 1 January 20X6 JKL's revenue for 20X6 is $54 million on which a gross profit margin of 20% is earned.
Assuming that the average receivables and payables days remain constant what will be the effect of the expected reduction in inventory on JKL's working capital cycle for the year ended 31 December 20X6?

A) A reduction of 32 days
B) A reduction of 21 days
C) An increase of 32 days
D) An increase of 21 days

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

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

3. Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?

A) Interests of other stakeholders
B) Rights and equitable treatment of shareholders
C) Disclosure and transparency
D) Role and responsibilities of the board
E) Integrity and ethical behaviour

4. 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.

5. Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?

A) Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
B) No tax will be payable.
C) Tax will be payable at 25%.
D) Tax will be payable at 20%.

Solutions:

Question # 1 Answer: D

Question # 2 Answer: C

Question # 3 Answer: D

Question # 4 Answer: C

Question # 5 Answer: B