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CIMA Financial Reporting Sample Questions:

1. Below are extracts from LLL's financial statements for the year ended 31 December 20X2.


Depreciation of $25,000 was charged on properly, plant and equipment in the year and there were no disposals What is the cash generated from operations for inclusion in LLL's statement of cash flows for the year ended
31 December 20X2?

A) $355 000
B) $390,000
C) $415,000
D) $435,000

2. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Offset the trading loss against capital gams in previous periods
B) Carry the trading loss backwards against trading profits in previous periods.
C) Offset the trading loss against group entity profits.
D) Offset The trading loss against its trading profits in future periods

3. STU has a non-current asset which originally cost $250,000, has an expected life of 8 years and an estimated residual value of $25,000. The asset is depreciated at 25% a year on a reducing balance basis On 1 July 20X5 the accumulated depreciation for this asset is $109,375 What is the depreciation charge for the year ending 30 June 20X6?
Give your answer to the nearest whole number.

4. WX is considering an investment in ST.
At 31 December 20X2 ST had the following balances in its statement of financial position:

Which of the following would cause ST to become an associate investment of WX?

A) WX purchases 50,000 of ST's $1 preference shares.
B) WX purchases 75,000 of ST's $1 equity shares.
C) WX purchases 15,000 of ST's $1 equity shares and 20,000 of ST's $1 preference shares.
D) WX purchases 25,000 of ST's $1 equity shares.

5. The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" identifies fundamental and enhancing qualitative characteristics of financial statements.
Which of the following is included within the fundamental characteristics?

A) Verifiability
B) Comparability
C) Understandability
D) Materiality

Solutions: