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CIMA Advanced Financial Reporting Sample Questions:

1. Which TWO of the following are relevant ethical considerations when selecting an accounting policy?

A) It is in accordance with International Financial Reporting Standards.
B) It shows a favourable view of performance.
C) It is straightforward to implement.
D) It shows faithful representation of the financial statements.
E) It maximises shareholder wealth.

2. A group presents its financial statements in A$.
The goodwill of its only foreign subsidiary was measured at B$100,000 at acquisition. There have been no impairments to this goodwill.
Exchange rates (where A$/B$ is the number of B$'s to each A$) are as follows:

The value of goodwill to be included in the group's statement of financial position in respect of its foreign subsidiary for the year ended 31 December 20X4 is:

A) A$150,000.
B) A$132,000.
C) A$66,667.
D) A$75,758.

3. DE acquired 10% of the equity shares of KL on 31 December 20X2.
A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

A) Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
B) A 50% non controlling interest will be shown in the consolidated financial statements.
C) Goodwill being calculated at 1 January 20X4 for the first time.
D) Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
E) The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
F) The 10% investment being revalued to fair value at 1 January 20X4.

4. AAA is the only director of entity CD. AAA is also a director of entity GH. CD owns 30% of the equity of MN and 60% of the equity of OP.
Identify which of the following are related parties of CD by placing the appropriate response against one.

5. In the year ended 31 December 20X7, FG leased a piece of machinery. The accountant of FG had prepared the financial statements for the year to 31 December 20X7 on the basis of the lease being an operating lease.
However, following the end of year audit it has been agreed that the machinery is in fact held under a finance lease and therefore the financial statements need to be corrected.
The correction will have which THREE of the following affects on the financial statements?

A) Non-current assets will increase.
B) Current liabilities will increase.
C) Finance costs will increase.
D) Depreciation costs will decrease.
E) Non-current liabilities will decrease.
F) Non-current assets will decrease.

Solutions: