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CIMA Financial Reporting Sample Questions:

1. When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

A) Costs of constructing an extension to the building.
B) Estate agent's fee payable on its sale.
C) Interest on a loan that was used to assist with its original purchase.
D) Legal fees arising on the original purchase of the building.

2. Which of the following is a type of short-term finance?

A) Interest bearing bank deposit
B) Trade payables
C) Trade receivables
D) Loan repayable in five years

3. 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) Disclaimer of opinion
B) Adverse opinion
C) Qualified opinion
D) Emphasis of matter opinion

4. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
B) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
C) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
D) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

5. An asset has the following values:

If the asset was sold for its fair value, selling costs of $1,500 would be incurred.
Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?

A) $2,000
B) $300
C) $0
D) $1,200

Solutions: