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CIMA Financial Reporting Sample Questions:

1.

2. Which of the following is an example of a progressive tax?

A) Personal income tax of 10% and corporate income tax of 20%
B) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000
C) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001
D) Corporate income tax of 20% on all earnings

3. Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?

A) No tax will be payable.
B) Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
C) Tax will be payable at 25%.
D) Tax will be payable at 20%.

4. A specialized product was commissioned by a customer and the agreed price was $38,000. The product was completed at a cost of $34,000.
It was then discovered that new regulations meant that the specialized product now failed health and safety requirements. The specialized product had to be modified to meet the new regulations at a cost of $9,000. The customer agreed to pay an extra $3,000 towards the modifications.
At 31 December 20X5 the specialized product was still in inventory and had not been modified.
Calculate the value of the specialized product that should be included in inventory as at 31 December 20X5.
Give your answer to the nearest whole $000.

5. Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).
Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?

A) Easier to adopt standards which have already been developed.
B) IFRS are quick to implement which reduces the costs involved.
C) Specific local variations that might be needed will not be accommodated.
D) Facilitates comparability with other countries who use IFRS as their local GAAP.

Solutions:

Question # 1 Answer: Only visible for members

Question # 2 Answer: C

Question # 3 Answer: A

Question # 4 Answer: Only visible for members

Question # 5 Answer: C