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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following are costs that a business might incur as a result of holding insufficient inventory of raw materials?

A) Increased risk of obsolescence
B) Lost production
C) Additional storage costs
D) Purchasing inventory at a higher price
E) Loss of sales

2. The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.

A) $10,000
B) $3,200
C) $4,000
D) $2,000

3. ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

A) A balancing charge of $800 will reduce taxable profits.
B) A balancing allowance of $800 will reduce taxable profits.
C) A balancing allowance of $800 will increase taxable profits.
D) A balancing charge of $800 will increase taxable profits.

4. The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.
The directors of JK have refused to change the financial statements.
What type of modified audit report should be issued?

A) Qualified opinion
B) Emphasis of matter opinion
C) Adverse opinion
D) Disclaimer of opinion

5. Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?

A) The risk of employees defaulting on the payment of tax due is reduced
B) The government can budget its cash flows more easily.
C) The tax authority deals directly with the employees rather than the employers.
D) Most of the administrative costs of collecting the tax are borne by the tax authority
E) The tax is paid after the employee completes a tax return.

Solutions: