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CIMA Advanced Financial Reporting Sample Questions:

1. GH is a listed entity which holds equity shares in one subsidiary and one associate.
Information extracted from the most recent financial statements is as follows:
What is the interest cover for the year?

A) 11.7 times
B) 10.7 times
C) 8.5 times
D) 9.6 times

2. On 1 January 20X4 JK had 1,500,000 ordinary shares in issue. On 1 September 20X4 JK issued 600,000 ordinary shares at the market value of $2.50 a share. For the financial year ended 31 December 20X4 the statement of profit or loss shows profit before tax of $625,000 and profit after tax of $500,000.
What is the earnings per share for the year ended 31 December 20X4?

A) 36.8 cents
B) 29.4 cents
C) 26.3 cents
D) 23.8 cents

3. Which TWO of the following would be the primary disadvantages of producing the disclosures required in IFRS12 Disclosure of Interests in Other Entities?

A) The disclosures will give competitors commercially sensitive information.
B) The disclosures will highlight the risks associated with interests in other entities.
C) The auditors will have to audit these disclosures.
D) The disclosures take time and therefore incur costs which erodes shareholder value.
E) The users of the financial statements may feel overburdened with information.

4. LM is a car dealer that is supplied inventory by car manufacturer SQ. Trading between LM and SQ is subject to a contractual agreement. This agreement states the following:
* Legal title of the cars remains with SQ until they are sold by LM to a third party.
* Upon notification of sale to a third party by LM, SQ raises an invoice at the price agreed at the original date of delivery to LM.
* LM has the right to return any car at any time without incurring a penalty.
* LM is responsible for insuring all of the cars on its property.
When considering how these cars should be accounted for, which THREE of the following statements are true?

A) SQ should recognise revenue when the cars are delivered to LM.
B) The most significant risks attached to the cars are held by SQ.
C) When LM sells a car to a third party, SQ should recognise the revenue associated with that sale.
D) LM should recognise the cars as inventory in their financial statements.
E) SQ should recognise the cars as inventory in their financial statements.
F) The most significant risks attached to the cars are held by LM.

5. JKL measure gearing as debt:equity, based on book values. At 31 December 20X5 the ratio is 2:3 and JKL would like this to be 2:5.
Which of the following transactions individually would achieve this?

A) Issue of redeemable preference shares at par.
B) Bonus issue from the share premium account.
C) Revaluation of investment property to an increased fair value.
D) Repayment of a 6 year term loan with the issue of 5 year redeemable debentures.

Solutions: