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CIMA Advanced Financial Reporting Sample Questions:

1. Mr D, a CIMA qualified accountant, is working on the preparation of a long term profit forecast required by the local stock market prior to a new share issue of equity shares. At the most recent board meeting the directors requested that the forecast be inflated. In Mr D's view this would grossly overestimate the forecast profit. The board intends to publish the revised inflated forecast.
Which THREE of the following are the ethical options available to Mr D in this situation?

A) Delegate the work to a subordinate.
B) Discuss the situation with his line manager.
C) Consider reporting the situation to the appropriate authorities.
D) Adjust the figures in line with the board's request as this is a forecast and not the financial statements.
E) Submit the original forecast without the board's approval.
F) Consider resignation of his post as accountant.

2. AB owned 80% of the equity share capital of FG at 1 January 20X6. AB disposed of 10% of FG's equity share capital on 31 December 20X6 for $400,000. The non controlling interest was measured at
$700,000 immediately prior to the disposal.
Which of the following represents the adjustment that AB made to non controlling interest in respect of the disposal when it prepared its consolidated financial statements at 31 December 20X6?

A) Credit of $50,000
B) Credit of $350,000
C) Debit of $350,000
D) Debit of $400,000

3. ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the value of retained earnings that will be presented in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $9,715,000
B) $9,685,000
C) $9,775,000
D) $10,080,000

4. A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?

A) The council doesn't have a present obligation from the project.
B) The council has no potential future obligations arising from the project.
C) The settlement of the contract is unlikely to result in an outflow from the council.
D) Neither the timing nor the amount of the provision is uncertain.

5. EF acquired a copy machine under a three-year operating lease. EF will pay nothing in year one and then will pay $6,000 in years two and three. The estimated economic useful life of the machine is six years.
Which THREE of the following statements are true in respect of how EF will account for its use of the machine and the associated operating lease payments?

A) EF will charge $4,000 to profit or loss in each of the three years in respect of this operating lease.
B) An asset of $12,000 will be included in EF's property, plant and equipment at the start of the lease.
C) EF will record a credit to bank of $6,000 in year two.
D) EF will record no expense in year one in respect of the operating lease charges for this machine.
E) EF will include an accrual of $6,000 at the end of year one in respect of the lease payments.
F) EF will include an accrual of $4,000 at the end of year one in respect of the lease payments.

Solutions: