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CIMA Advanced Financial Reporting Sample Questions:

1. 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.

2. ST acquired 80% of the equity shares of AB on 1 January 20X7. AB acquired 60% of the equity shares of UV on 1 January 20X8. Profit for the year ended 31 December 20X9 for AB is $160,000 and for UV is
$100,000.
Calculate the non-controlling interest figure to be included within ST's consolidated statement of profit or loss for the year ended 31 December 20X9.
Give your answer to the nearest whole number in $000s.
$ ?

3. Which of the following statements are incorrect regarding identifiable assets? Select ALL that apply.

A) Contingent assets and liabilities are examples of exceptions to the rules governing identifiable assets
B) Assets can also be identifiable if they arise from contractual or legal rights
C) Deferred tax assets and liabilities are not classed as identifiable assets
D) To be identifiable assets must be separable from the subsidiary
E) Net assets must be identifiable at acquisition

4. Which THREE of the following statements about preference shares are true?

A) Unlike ordinary shares, preference shares may be cumulative.
B) For an investor, preference shares carry more risk than ordinary shares.
C) Preference shareholders rank below the equity shareholders in a winding up.
D) Preference shares cannot be issued as redeemable shares.
E) The characteristics of preference shares are closer to debt than equity.
F) Preference shareholders receive their dividend entitlement before the equity shareholders.

5. HJ is currently in dispute with an employee, who is claiming $400,000 in a legal case against them.
HJ's legal advisors have stated that it is probable that they will lose the case and will have to pay the amount claimed.
Also, HJ are claiming $250,000 from a supplier of defective goods and the legal advisors have stated that it is probable that HJ will be successful in this claim.
What is the correct accounting treatment for these two items in HJ's financial statements?

A) Disclose the $400,000 potential outflow and recognise the $250,000 potential inflow.
B) Provide for the $400,000 potential outflow and disclose the $250,000 potential inflow.
C) Provide for the $400,000 potential outflow and recognise the $250,000 potential inflow.
D) Disclose the $400,000 potential outflow and disclose the $250,000 potential inflow.

Solutions: