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CIMA Advanced Financial Reporting Sample Questions:

1. On 1 January 20X8 XY, a listed entity, had 10,000,000 ordinary shares in issue each with a par value of 50 cents. On 1 July 20X8 XY raised $6,000,000 by issuing ordinary shares at a price of £1.50 each which was the full market price.
Place the correct figure into the box below to show the number that XY will use as its weighted average number of ordinary shares in the calculation of earnings per share for the year to 31 December 20X8.

2. GH is a listed entity which holds equity shares in one subsidiary and one associate.
Information extracted from the most recent financial statements is as follows:
What is the interest cover for the year?

A) 11.7 times
B) 9.6 times
C) 10.7 times
D) 8.5 times

3. LM and JK operate in the same country and prepare their financial statements to 30 June 20X6 in accordance with International Accounting Standards. On 27 June 20X6 both entities raised $1 million cash by issuing debt instruments with identical terms and conditions. Prior to this issue both entities were financed entirely by equity.
At 30 June 20X6 the gearing ratios, calculated as Debt/Equity x 100%, were as follows:
LM: 30%
JK: 65%
Which of the following independent options would explain the difference between LM and JK's year-end gearing?

A) LM made a bonus issue from retained earnings in the year; JK issued no shares in the year.
B) LM revalued its land and buildings upwards in the year; JK has performed no revaluations.
C) LM held no investments in other entities; JK revalued its available for sale investments upwards in the year.
D) LM had 100,000 $1 shares at the year end; JK had 200,000 50c shares in issue at the year end.

4. ST has sold its main office property, which had a carrying value of $360,000, to AB, a property management entity.
The property was sold for $400,000 which is equal to its fair value and was immediately leased back under an operating lease agreement.
Which of the following journals will record this transaction?

A) Option B
B) Option D
C) Option C
D) Option A

5. What is the total comprehensive income attributable to the non-controlling interest that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?

A) $595,000
B) $95,000
C) $190,000
D) $575,000

Solutions: