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CIMA Financial Reporting Sample Questions:

1. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
B) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
C) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
D) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.

2. Identify which of the following are powers that a government would typically grant it's tax authority by placing the appropriate response beside each power.

3. Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?

A) It refers to the distribution of the tax burden.
B) It relates to the person or entity that ultimately bears the cost of the tax.
C) It can be formal or actual.
D) It only relates to the person or entity that actually pays the tax authorities.

4. Country X levies corporate income tax at a rate of 25% and charges income tax on all profits irrespective of whether they are distributed by way of dividend. Country Y levies corporate income tax at a rate of 20%.
A, who is resident in Country X, pays a divided to B, who is resident in Country Y. B is required to pay corporate income tax on the dividend received from A, but a deduction can be made for the tax suffered on this dividend restricted to a rate of 20%.
Which method of relief for foreign tax does this describe?

A) Exemption
B) Tax credit
C) Deduction
D) Restricted

5. In most developed countries employers deduct the tax from employees' pay each month and then pay the tax to the tax authorities on behalf of the employee on a monthly basis.
Which THREE of the following are advantages of this system to the employee?

A) There is less chance of interest and penalties being levied on the employee by the tax authorities.
B) The tax is collected earlier than systems that assess earnings at the end of the year.
C) Most of the administration costs are borne by the employees.
D) The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.
E) The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.

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