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CIMA Financial Reporting Sample Questions:

1. Which TWO of the following are features of a bank overdraft?

A) The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.
B) The bank cannot demand repayment of the overdraft before the end of the agreed period.
C) A fixed amount of interest is determined for the period of the overdraft
D) Repayments are scheduled in advance
E) Interest is charged on the balance outstanding.

2. XYZ's accounting profit for the last reporting period is $200,000. This is after deduction of:
* Accounting depreciation of $40,000.
* Entertaining expenses of $10,000 which are disallowable for tax purposes
* Directors' salaries of 530.000
Tax depreciation allowances of $60,000 are available and the rate of corporate income tax is 20%.
What is the corporate tax liability of XYZ for the reporting period?

A) $44,000
B) $42,000
C) $38,000
D) $36,000

3. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) The value of the right of use asset on 1 January 20X6 is $273,000.
B) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
C) The right of use asset is depreciated over 3 years.
D) The value of the lease liability on 1 January 20X6 is $270,000.
E) The value of the lease liability on 1 January 20X6 is $273,000.
F) Initial direct costs of $3,000 are expensed in the statement of profit or loss.

4. Which of the following is a feature of value added tax (VAT)?

A) The value of all supplies must be taken into account when determining whether the registration threshold has been exceeded.
B) Entities cannot register for VAT if the value of their taxable supplies is below the registration threshold.
C) Entities that make only standard-rated or zero-rated supplies have their right to recover input tax restricted.
D) Only registered entities can charge VAT on sales or recover VAT paid on purchases.

5. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.
B) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
C) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.
D) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

Solutions: