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CIMA Advanced Financial Reporting Sample Questions:

1. Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

A) Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.
B) Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.
C) A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.
D) Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.
E) The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.

2. The following information is extracted from the financial statements of RS for the year ended 30 June 20X7:

RS has no other liability balances and has no associate investments.
Calculate return on capital employed for RS at 30 June 20X7.
Give your answer to the nearest whole %.
? %

3. GH granted 100 share options to each of its 1,000 employees on 1 January 20X8. The fair value of each option was $7 on 1 January 20X8 and had risen to $8 at 31 December 20X8.
Which of the following statements represents the treatment that GH adopted to account for the related expense of these share options in its financial statements for the year ended 31 December 20X8, in accordance with IFRS 2 Share-based Payments?

A) The expense was measured using the fair value of $8 and the credit entry was to equity.
B) The expense was measured using the fair value of $7 and the credit entry was to equity.
C) The expense was measured using the fair value of $8 and the credit entry was to liabilities.
D) The expense was measured using the fair value of $7 and the credit entry was to liabilities.

4. In recent years EBITDA has been adopted by large entities as a key measure of performance. The following figures have been extracted from the financial statements of UV for the year ended 30 November 20X9:

What is EBITDA for UV for the year ended 30 November 20X9?
Give your answer to the nearest $'000.

5. BC are currently seeking to establish an accounting policy for a particular type of transaction.
There are four alternative ways in which this transaction can be treated. Each treatment will have a different outcome on the financial statements as follows:
* Treatment one means that the financial statements will be easier to prepare.
* Treatment two will give a fair representation of the transaction in the financial statements.
* Treatment three will maximise the profit figure presented in the financial statements.
* Treatment four means that the financial statements will be more easily understood by shareholders.
Which accounting treatment should BC adopt?

A) Two
B) Four
C) One
D) Three

Solutions: