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CIMA Advanced Financial Reporting Sample Questions:

1. EF acquired a copy machine under a three-year operating lease. EF will pay nothing in year one and then will pay $6,000 in years two and three. The estimated economic useful life of the machine is six years.
Which THREE of the following statements are true in respect of how EF will account for its use of the machine and the associated operating lease payments?

A) An asset of $12,000 will be included in EF's property, plant and equipment at the start of the lease.
B) EF will include an accrual of $6,000 at the end of year one in respect of the lease payments.
C) EF will include an accrual of $4,000 at the end of year one in respect of the lease payments.
D) EF will record a credit to bank of $6,000 in year two.
E) EF will record no expense in year one in respect of the operating lease charges for this machine.
F) EF will charge $4,000 to profit or loss in each of the three years in respect of this operating lease.

2. On 1 January 20X8 XY, a listed entity, had 10,000,000 ordinary shares in issue each with a par value of 50 cents. On 1 July 20X8 XY raised $6,000,000 by issuing ordinary shares at a price of £1.50 each which was the full market price.
Place the correct figure into the box below to show the number that XY will use as its weighted average number of ordinary shares in the calculation of earnings per share for the year to 31 December 20X8.

3. Which of the following reduce the usefulness of ratio analysis when comparing entities that operate in the same industry? Select ALL that apply.

A) Ratios being quick and easy to calculate.
B) Ratio calculations being based on historical information.
C) Accounting estimates in respect of depreciation being different between entities.
D) The revenue figure being aggregated from many different activities and sources.
E) The effect of a material and unusual item being disclosed separately in the notes.
F) An entity adopting a policy of revaluing its non current assets.

4. Ratios calculated from the financial statements of ST Group for the years ended 31 August 20X7 and
20X6 are as follows:

Which of the following would have contributed to the movements in these ratios?

A) ST Group extended its customer base which resulted in an increase in the volume of sales during
20X7.
B) During 20X7 ST Group acquired an associate which made a relatively small profit for the year.
C) The fair value of an investment acquired in 20X7 and classified as fair value through profit or loss has increased in value by the year end.
D) During 20X7 ST Group increased the useful life of its vehicles to five years from four and adjusted the depreciation charge accordingly.

5. Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

A) The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.
B) Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.
C) A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.
D) Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.
E) Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.

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