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CIMA Financial Reporting Sample Questions:

1. Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements.
As a result the auditors consider these financial statements to be wholly unreliable for decision making purposes.
This will result in a modified audit report with the opinion being .

2. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property should be treated as a non-current asset held for sale from 31 March 20X1.
B) The property should be treated as a non-current asset held for sale from 1 November 20X1.
C) The property impairment should not be recorded until the sale has completed.
D) The property should be depreciated until 31 October 20X1.
E) The property should not be depreciated after 31 March 20X1.
F) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.

3. In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?

A) Proceeds from share issue, other income and profit for the period.
B) Proceeds from share issue, dividends received and profit for the period.
C) Proceeds from share issue, dividends paid and revaluation surplus.
D) Other income, dividends paid and revaluation surplus.

4. If an entity makes a capital loss in a period, which of the following is the most likely way that will be allowed for relieving that capital loss?

A) Carry backwards and set against previous years trading profits.
B) Carry forward and set against future capital gains.
C) Use group loss relief to transfer the capital loss to another group entity.
D) Carry forward and set against future trading profits

5. 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.

Solutions: