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CIMA Advanced Financial Reporting Sample Questions:

1. DE acquired 10% of the equity shares of KL on 31 December 20X2.
A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

A) The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
B) A 50% non controlling interest will be shown in the consolidated financial statements.
C) Goodwill being calculated at 1 January 20X4 for the first time.
D) Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
E) Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
F) The 10% investment being revalued to fair value at 1 January 20X4.

2. XY's investments enable it to exercise control over AB and have significant influence over FG and JK.
The Managing Director of XY is a non-executive director of LM. XY does not hold any investment in LM.
XY is preparing its consolidated financial statements for the year ended 30 September 20X9.
Which of the following transactions during the year will be disclosed in these financial statements in accordance with IAS 24 Related Party Disclosures?

A) Sale of non current assets from XY to LM at their current market value.
B) Sale of goods with a trade discount to a major customer of XY.
C) Sale of goods from FG to JK at their current market value.
D) Sale of a motor vehicle from XY to a Director of AB's spouse at its current market value.

3. If you were asked to express the overall performance of an entity as a percentage of its total investment in net assets which of the following ratios would you calculate?

A) Non-current asset turnover
B) Dividend yield
C) Return on capital employed
D) Asset utilisation

4. AB and EF are located in the same country and prepare their financial statements to 31 October in accordance with International Accounting Standards. EF supplies AB with a component that is vital to AB's product range. AB is considering acquiring a controlling interest in EF by 31 December 20X4 in order to guarantee future supply. The Board of EF has indicated that such an approach would be postively considered. AB would use its control to make AB the sole customer of EF.
The Finance Director of AB has been granted access to EF's management accounts and has conducted some initial analysis from the financial press. The results togther with comparisons for AB for the year to
31 October 20X4 are presented below:

AB and EF are forecasting revenues of S1,500,000 and $700,000 respectively for the year ended 31 October 20X5.
AB's Finance Director met with one of the directors of EF to discuss the potential impact of the acquisition.
Which of the director's statements below is correct?

A) The gross profit margin of EF will increase if AB's bargaining power is used to negotiate lower material costs for the whole group.
B) Dividend yield for both entities will be identical after the acquisition.
C) The P/E ratio of EF will increase to 12 after acquisition in line with that of AB.
D) Redundancy costs arising from reorganisation following acquisition will be provided for by charging EF's profit for the year ended 31 October 20X4.

5. Which of the following statements about ST is true?

A) The return on the investment in associate on an annual basis is 14%.
B) The effective tax rate incurred by ST has remained largely the same.
C) The ratio of distribution costs to revenue has increased significantly.
D) The increase in administrative expenses is in line with the increase in revenues.

Solutions: