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CIMA Financial Reporting Sample Questions:

1. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
B) The property should be depreciated until 31 October 20X1.
C) The property impairment should not be recorded until the sale has completed.
D) The property should be treated as a non-current asset held for sale from 1 November 20X1.
E) The property should not be depreciated after 31 March 20X1.
F) The property should be treated as a non-current asset held for sale from 31 March 20X1.

2. UV's financial statements for the year ended 31 March 20X8 were approved for publication on 30 June 20X8.
In accordance with IAS 10 Events After the Reporting Period, which of the following material events would have been classified as a non-adjusting event in these financial statements?

A) On 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.
B) On 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.
C) On 1 June 20X8 UV was awarded damages of $70,000 in respect of a legal claim that it had made against the local government authority in October 20X7.
D) On 10 April 20X8 UV received a communication stating that one of its customers had ceased trading and gone into liquidation. The balance outstanding at 31 March 20X8 was unlikely to be paid.

3. An entity's policy is to finance the investment in working capital using short-term financing to fund all of its investment in fluctuating net current assets as well as some of its investment in permanent net current assets.
What is this working capital financing policy known as?

A) Conservative
B) Short term
C) Moderate
D) Aggressive

4. UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000 How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?
Give your answer to the nearest $.

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

Solutions: