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CIMA Financial Reporting Sample Questions:

1. Which of the following would NOT be a risk or impact of overtrading?

A) Shortage of working capital
B) Increased borrowings
C) Expanding too quickly
D) Increase in interest payments

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

3. AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:

Which of the following is NOT an explanation of why the days have increased?

A) The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.
B) The entity has transferred all receivables collections to a factoring agency during 20X2.
C) An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
D) The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.

4. PP supplies zero-rated and standard-rated goods. During the year ended 30 March 20X3, the standard-rated goods made up 50% of the total supplies. During the year ended 30 March 20X4 this percentage increased to 60%.
What percentage of input tax suffered can PP claim back in the year ended 30 March 20X4?
Give your answer as a whole number.

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) $1,200
C) $0
D) $300

Solutions: