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CIMA Financial Reporting Sample Questions:

1. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were
$155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the amount of retained earnings that will be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

2. Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?

A) Integrity and ethical behaviour
B) Role and responsibilities of the board
C) Rights and equitable treatment of shareholders
D) Disclosure and transparency
E) Interests of other stakeholders

3. Identify from the list below which items can be recognised as assets within the financial statements of an entity in accordance with IAS 38 Intangible Assets. Place either yes or no as appropriate against each item.

4. KL has S90.000 of plant and machinery which was acquired on 1 June 20X4. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for 560,000 on 1 June 20X6 Calculate the tax balancing allowance or charge on disposal tor the year ended 31 May 20X7 and state the effect on the taxable profit.

A) A balancing charge of $2,400 increases taxable profit.
B) A balancing allowance of $2,400 increases taxable profit.
C) A balancing allowance of $2,400 reduces taxable profit.
D) A balancing charge of $2,400 reduces taxable profit.

5. EF is a large manufacturing entity with several of its manufacturing sites in different locations. Currently all of the sites have a local procurement department. EF's board are looking to implement a centralized purchasing system.
Match the tokens according to whether you believe each statement is either an advantage or disadvantage of implementing a centralized purchasing system for EF.

Solutions: