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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

A) Whether the entity has been exposed to any fraud.
B) Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.
C) Whether all the information and explanations necessary for the purposes of the audit have been received.
D) Whether every transaction that underpins the financial statements has been correctly recorded.
E) Whether the entity has kept proper accounting records.

2. On 31 July 20X8, CDE's directors decided to sell an asset with a carrying amount of $26,000. On that date it ceased to be used in readiness for its sale.
There is an active second-hand market for this type of asset and it has been advertised at its market value of $24,000 When a seller is found, the asset will need to be dismantled at a cost of $1,000 What is the amount to be recognised as an asset held for sale on 31 July 20X8?
Give your answer to the nearest $.

3. An entity's inventory days are 45 days.
An entity ceased to manufacture a product in 20X4. Raw materials used solely in the manufacture of that product are still held in inventory at 31 December 20X4.
Place the appropriate response below to show how inventory days will be affected if this raw material inventory is written off as obsolete.

4. In which of the following concepts is profit an increase in the nominal value of capital over a period?

A) Inflationary capital maintenance
B) Operating capital maintenance
C) Physical capital maintenance
D) financial capital maintenance

5. An entity has a number of subsidiary and associate investments.
Which of the following must be disclosed in the entity's separate financial statements if it is exempt from presenting consolidated financial statements?

A) A list of its top ten shareholdings including number of shares held and their market value.
B) The bases on which significant investments in subsidiaries and associates have been accounted for in those separate financial statements.
C) A list of all its significant investments in subsidiaries and associates which includes the date of acquisition and the price paid.
D) A copy of the summarised financial statements of each of its subsidiaries.

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