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CIMA Financial Reporting Sample Questions:

1. 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

2. Select THREE actions that should be taken by a business offering credit to its customers to ensure that amounts owing are collected as quickly as possible.

A) Monitor outstanding trade payables.
B) Extend the credit terms available to customers.
C) Issue invoices quickly.
D) Monitor outstanding trade receivables.
E) Chase up slow payers with reminder letters.
F) Take longer to settle trade payables than collect trade receivables.

3. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What figure should be included within cash flows from investing activities for the proceeds of sale of plant and equipment?

A) $120 million
B) $80 million
C) $95 million
D) $55 million

4. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
B) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
C) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
D) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

5. In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?

A) Free from error
B) Neutral
C) Understandable
D) Complete
E) Comparable
F) Timely

Solutions: