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CIMA Financial Reporting Sample Questions:

1. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
B) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
C) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.
D) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

2. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) The value of the lease liability on 1 January 20X6 is $270,000.
B) The value of the right of use asset on 1 January 20X6 is $273,000.
C) The value of the lease liability on 1 January 20X6 is $273,000.
D) Initial direct costs of $3,000 are expensed in the statement of profit or loss.
E) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
F) The right of use asset is depreciated over 3 years.

3. Which of the following is NOT a feature of a multi-stage sales tax?

A) Tax is charged each time a product is sold in the chain from manufacturer through to retailer.
B) Credit may not be allowed for taxes paid on sales within the chain from manufacturer through to retailer.
C) The entire tax burden is usually passed to the final consumer.
D) Tax is applied at the retail level only and not at production level.

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. Which of the following is a type of short-term finance?

A) Trade receivables
B) Interest bearing bank deposit
C) Trade payables
D) Loan repayable in five years

Solutions: