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CIMA Financial Reporting Sample Questions:

1. Which of the following is NOT a type of supply for value added tax (VAT)?

A) Standard-rated
B) Exempt
C) Zero-rated
D) Fixed

2. Which of the following is the responsibility of the International Financial Reporting Standards Interpretations Committee?

A) The development and publication of new international financial reporting standards.
B) To advise the International Accounting Standards Board on the agenda and priorities for future work.
C) To provide a forum for interested parties to participate in the formulation of international financial reporting standards.
D) To provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.

3. An asset has the following values:

If the asset was sold for its fair value, selling costs of $1,500 would be incurred.
Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?

A) $1,200
B) $0
C) $2,000
D) $300

4. XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.
XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting
$10,000 of entertaining costs.
It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.
Which of the following correctly states the impact of the ruling on the profits already calculated?

A) Both accounting and taxable profits will decrease by $10,000.
B) Both accounting and taxable profits will increase by $10,000.
C) Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.
D) Accounting profit will not be affected but taxable profit will increase by $10,000.

5. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?
Give your answer to the nearest $ million.

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