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CIMA Financial Reporting Sample Questions:

1. GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.

2. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What figure should be included within cash flows from investing activities for the proceeds of sale of plant and equipment?

A) $55 million
B) $95 million
C) $120 million
D) $80 million

3. Which of the following is NOT a primary need for regulating financial reporting information of incorporated entities?

A) To make information more consistent.
B) To improve the reliability of information for users.
C) To ensure that information is consistent with its legal form.
D) To make information more comparable.

4. Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?

A) The risk of employees defaulting on the payment of tax due is reduced
B) The tax is paid after the employee completes a tax return.
C) Most of the administrative costs of collecting the tax are borne by the tax authority
D) The government can budget its cash flows more easily.
E) The tax authority deals directly with the employees rather than the employers.

5. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
B) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
C) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
D) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.

Solutions: