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CIMA Advanced Financial Reporting Sample Questions:

1. AB and CD are separate entities that prepare financial statements to 31 May using international accounting standards. AB and CD provide technical support services to the financial services industry and operate in the same country. The financial statements are identical except for the following:
* AB purchased all operating equipment, paying $100,000, using a 5 year bank loan. The useful life of the equipment was 5 years.
* CD signed an operating lease agreement for all operating equipment for 5 years paying
$20,000 per year.
Both entities charge all expenses relating to the equipment to cost of sales.
From the information provided, which of the following ratios would be reliably comparable for AB and CD?

A) Return on capital employed
B) Gross profit margin
C) Non current asset turnover
D) Profit before tax margin

2. AB, a listed entity, prepared its financial statements to 31 December 20X7, in accordance with international accounting standards.
Which THREE of the following were disclosed as related parties of AB in its financial statements?

A) ST, an entity that was jointly established by AB and CD, and that is accounted for as a joint venture in AB's financial statements to 31 December 20X7.
B) AB's main supplier, GH, who supplies more than 70% of AB's goods for manufacture.
C) AB's bank that provides more than 60% of the entity's loan finance.
D) The wife of the Managing Director of AB, to whom AB sold a motor vehicle in the year to 31 December 20X7.
E) AB's defined benefit pension plan.

3. Information from the financial statements of RST for the year ended 30 April 20X9 is as follows:
At 30 April 20X9 the ordinary shares are trading at $4.75.
What is the price earnings (P/E) ratio for RST at 30 April 20X9?

A) 10.56
B) 7.92
C) 9.31
D) 15.83

4. Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

A) Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.
B) Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.
C) The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.
D) Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.
E) A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.

5. An accountant acting under their Code of Ethics would do which THREE of the following?

A) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
B) Report material conflicts of interest to a more senior level.
C) Accept a recommendation from the audit committee to increase segregation of duties within the finance department.
D) Accept a director's instruction to remove one element of their remuneration from the directors' remuneration report.
E) Make a provision for a liability of uncertain timing or amount, requested by the directors, where there is NOT a present obligation.
F) Reject a justified change to a depreciation policy that increases profitability.

Solutions: