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CIMA Financial Reporting Sample Questions:

1. Which of the following is a feature of value added tax (VAT)?

A) Entities that make only standard-rated or zero-rated supplies have their right to recover input tax restricted.
B) The value of all supplies must be taken into account when determining whether the registration threshold has been exceeded.
C) Entities cannot register for VAT if the value of their taxable supplies is below the registration threshold.
D) Only registered entities can charge VAT on sales or recover VAT paid on purchases.

2. T T T is an online retailer. It has 1,000 units of Product X in inventory at the year end. The following information relates to Product X:

What is the amount that should be included in the cost of TTT's inventory of Product X?

A) $22,150
B) $20,450
C) $20,000
D) $25,350

3. XYZ is a manufacturer. Which of these should be classified as other comprehensive income in XYZs statement of profit or loss and other comprehensive income for the year ended 31 December 20X4?

A) Revaluation surplus on properly
B) Interest received on savings
C) Dividend income from investments
D) Gain on disposal of machinery

4. Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:

[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the value of inventory that would be included in JK's consolidated statement of financial position at 31 December 20X8.
Give your answer to the nearest $.

5. EFG prepares financial statements to 31 December each year. EFG has the following receivable days based on the year end receivable balances:

Which of the following would be a reason for this decrease in receivable days?

A) EFG employed an inexperienced credit controller in November 20X2.
B) EFG transferred collection of all receivables to a factoring agency during 20X2.
C) EFG's largest customer negotiated an increase in credit terms during 20X2.
D) EFG's revenue for 20X2 increased as a result of competitive pricing.

Solutions: