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CIMA Advanced Financial Reporting Sample Questions:

1. Which of the following examples would be classed as related parties ofJH Ltd due to the power they possess to directly influence the company?
1: JH Ltd's managing director
2: The son of JH Ltd's managing director, who is an intern in the company's office
3: The brother of JH Ltd's managing director, whose business supplies a large amount of production material for the company
4: JH Ltd's subsidiary company, AL Ltd
5: BR PLC, one of JH Ltd's regular customers

A) 1
B) 1, 2, 3 & 4
C) All of the above
D) 1, 2 & 3
E) 2, 3 & 4
F) 1&4

2. RS has issued an instrument with a nominal value of $1 million, at a discount of 2.5%, and a coupon rate of 6%. The terms of the issue are that the instrument must either be redeemed at par, at the option of the holder, in three years' time, or alternatively converted into equity shares in RS.
The characteristics of this instrument taken as a whole indicates that it would be classified as which of the following?

A) Equity instrument
B) Compound instrument
C) Debt instrument
D) Discounted instrument

3. JK has calculated its inventory holding period:

Which THREE of the following would have contributed to the above movement in inventory holding period?

A) In January 20X8 a major competitor entered the market in which JK operates.
B) It has been difficult to obtain one of JK's main components due to import issues with its overseas supplier.
C) JK suffered industrial action by its production staff in the period December 20X7 to February 20X8.
D) A substantial contract is due to be dispatched early in April 20X8.
E) JK's main supplier offered a significant one-off discount for purchases made in March 20X8.
F) JK is enforcing stringent inventory control techniques following management instructions.

4. WX acquired 60% of the equity shares of CD on 1 January 20X3. WX sold 5% of the equity shares it held for $60,000 on 31 December 20X5. At that date the net assets of CD were $120,000 and the fair value of the non-controlling interest in CD was measured at $21,000. No goodwill arose on the original acquisition of CD.
When preparing its consoldiated financial statements, WX will process which of the following adjustments to its group retained earnings?

A) A credit of $39,000
B) A credit of $54,000
C) A debit of $39,000
D) A debit of $54,000

5. Which THREE of the following statements are true in relation to financial assets designated as fair value through profit or loss under IAS 39 Financial Instruments: Recognition and Measurement?

A) Transaction costs in relation to these assets are expensed to profit or loss on acquisition.
B) Shares in another entity held for short term trading purposes fall within this category.
C) The gain or loss on the subsequent measurement of these assets is recorded within other comprehensive income.
D) Transaction costs in relation to these assets are added to the initial cost of the asset on acquisition.
E) The gain or loss on the subsequent measurement of these assets is recorded within profit for the year.
F) Once the asset has been subsequently measured to fair value an impairment review is undertaken.

Solutions: