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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following actions, considered in isolation, would increase the working capital cycle of an entity?

A) Take advantage of new bulk purchase discounts available.
B) Remove a prompt payment discount available to customers.
C) Change to a Just-in-Time approach to manage inventory.
D) Take longer to pay suppliers for purchases.
E) Increase the credit period available to customers.
F) Reduce the selling prices charged to customers.

2. ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

A) A balancing allowance of $800 will reduce taxable profits.
B) A balancing charge of $800 will reduce taxable profits.
C) A balancing allowance of $800 will increase taxable profits.
D) A balancing charge of $800 will increase taxable profits.

3. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What cash outflow figure should be included within cash flows from investing activities for the purchase of property, plant and equipment?

A) $185 million
B) $85 million
C) $210 million
D) $110 million

4. Which TWO of the following are functions of the International Financial Reporting Standards (IFRS) Advisory Council?

A) To appoint the members of the International Accounting Standards Board
B) To inform the International Accounting Standards Board of the views of organizations on major standard setting projects
C) To approve IFRSs for publication
D) To review new financial reporting issues not already covered by IFRS
E) To give advice to the International Accounting Standards Board on agenda decisions and priorities in its work

5. The following information has been extracted from GHI's statement of financial position:

Which of the following is the total cash flow for working capital changes to be recorded in GHI's statement of cash flows for the year ended 31 December 20X5?

A) Inflow of 5120,000
B) Outflow of $240,000
C) Inflow of $240,000
D) Outflow of $120,000

Solutions: