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CIMA Financial Reporting Sample Questions:

1. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $143,000, 20X2 $ nil
B) 20X1 $10,000, 20X2 $113,000
C) 20X1 $150,000, 20X2 $133,000
D) 20X1 $150,000, 20X2 $nil

2. T T T is an online retailer. It has 1,000 units of Product X in inventory at the year end. The following information relates to Product X:

What is the amount that should be included in the cost of TTT's inventory of Product X?

A) $20,450
B) $25,350
C) $20,000
D) $22,150

3. Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?

A) Risk of non-payment
B) Selling price of the goods being sold to the customer
C) Discount offered by suppliers for early payment
D) Typical credit terms operating within the industry
E) Number of suppliers
F) Bargaining power of the customer

4. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Increase in cash sales
B) No irrecoverable debts
C) Reduction in payables days
D) Reduction in bank overdraft charges
E) Reduction in the need for management control

5. A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

A) debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.
B) credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.
C) credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.
D) debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.

Solutions: