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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

A) Responsible of appointing members of the IFRS interpretations committee
B) Are mainly from Europe and the USA
C) Receive funding by donations from the general public
D) Are involved in the technical matters relating to accounting standards
E) Responsible for appointing members of the IA5B

2. XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.
XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting
$10,000 of entertaining costs.
It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.
Which of the following correctly states the impact of the ruling on the profits already calculated?

A) Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.
B) Both accounting and taxable profits will increase by $10,000.
C) Accounting profit will not be affected but taxable profit will increase by $10,000.
D) Both accounting and taxable profits will decrease by $10,000.

3. According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?

A) The currency that mainly influences labour, material and other costs.
B) The currency used for published financial reports.
C) The currency that mainly influences selling prices of the entity's goods and services.
D) The currency of the country whose competitive forces determine prices of goods and services.

4. AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:

Which of the following is NOT an explanation of why the days have increased?

A) The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.
B) The entity has transferred all receivables collections to a factoring agency during 20X2.
C) An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
D) The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.

5. Which of the following is the most appropriate definition of the term 'factoring'?

A) Where a business borrows a loan with short-term conditions from a third party
B) Where a business sells equity to third parties to gain short-term finance
C) Where a business is provided with a highly flexible regular source of short-term finance by a bank
D) Where a business sells its accounts receivable to a third party at a discount

Solutions: