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CIMA Financial Reporting Sample Questions:

1. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
B) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
C) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
D) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.

2. On 31 July 20X8, CDE's directors decided to sell an asset with a carrying amount of $26,000. On that date it ceased to be used in readiness for its sale.
There is an active second-hand market for this type of asset and it has been advertised at its market value of $24,000 When a seller is found, the asset will need to be dismantled at a cost of $1,000 What is the amount to be recognised as an asset held for sale on 31 July 20X8?
Give your answer to the nearest $.

3. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $150,000, 20X2 $133,000
B) 20X1 $10,000, 20X2 $113,000
C) 20X1 $143,000, 20X2 $ nil
D) 20X1 $150,000, 20X2 $nil

4. An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and that the asset had a residual value of nil.
What is the depreciation charge for this asset in the year ended 31 December 20X4?
Give your answer to the nearest whole number.

5. During the year a piece of equipment that originally cost $96,000, with accumulated depreciation of $39,000, met the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to be classified as held for sale.
The equipment is being advertised for sale at $46,000 and costs of $1,000 will be incurred to enable the sale to be completed.
At what value should the equipment be included in the statement of financial position at the year end assuming that it remains unsold?
Give your answer to the nearest whole number.

Solutions: