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CIMA Advanced Financial Reporting Sample Questions:

1. 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 goodwill to be included in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $450,000
B) $950,000
C) $570,000
D) $1,450,000

2. ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year's time.
These debentures cannot be traded. The yield to maturity on these debentures has been calculated at
5%.
Which of the following would explain why the yield to maturity is lower than the coupon?

A) The debentures will be redeemed at a discount to their par value.
B) The market value of the debentures must be higher than their par value.
C) ST will benefit from the tax relief on the interest payment.
D) The debentures will be redeemed at their par value.

3. MNO has calculated its return on capital employed ratio for 20X4 and 20X5 as 41% and 56% respectively.
Taking each statement in isolation, which would explain the movement in the ratio between the 2 years?

A) In 20X4 an onerous contract was provided for and this provision did not change in 20X5.
B) In 20X5 the average interest rate on borrowing decreased compared to 20X4.
C) In 20X5 the increase in value of MNO's head office was reflected in the financial statements.
D) In 20X4 an unused building was sold at a price in excess of its carrying value.

4. Which THREE of the following would determine the functional currency of an overseas subsidiary in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates?

A) The currency in which all non-current assets are purchased and recognised.
B) The currency that mainly influences labour, material and other costs.
C) The currency in which operating receipts are retained.
D) The currency which principally influences the choice of functional currency of the parent.
E) The currency which the parent company uses to present its financial statements.
F) The currency which principally influences selling prices for goods and services.

5. Which TWO of the following are relevant ethical considerations when selecting an accounting policy?

A) It is straightforward to implement.
B) It shows faithful representation of the financial statements.
C) It maximises shareholder wealth.
D) It shows a favourable view of performance.
E) It is in accordance with International Financial Reporting Standards.

Solutions: