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CIMA Financial Reporting Sample Questions:

1. The following information is extracted from QQ's statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.
The following information if included within QQ's statement of profit or loss for the year ended 31 March 20X2.
Included within finance cost is $124,000 which relates to interest paid on a finance lease. QQ includes finance lease interest within financing activities on its statement of cash flows.
What cash outflow figure should be included as interest paid within the net cash flow from operating activities for QQ for the year ended 20X2?
Give your answer to the nearest $000.

2. PZ has the following working capital ratios:

Which of the following could be the reason for the movements?

A) PZ has implemented a just-in-time system of ordering inventory during 20X1.
B) PZ has introduced a new policy to take discounts from suppliers during 20X1.
C) The workforce of PZ have been on strike for a month during 20X1 but deliveries of inventory have still been received by the entity.
D) A new credit controller has been employed who has been more rigorous with their collection procedure of receivables.

3. Entity T operates within several countries, but its country of residence is Country F. In 20X5, Entity T made $8.4 million in Country M. Country M has a flat rate corporation tax of 5.9%.
Country F and Country M operate a double taxation treaty which uses a foreign tax credit system. In Country F, there is a tax of 10% tax on all foreign income.
Taking into account the credit, what is the total tax liability that Entity T owes on its Country M income, in Country F?

A) $495,600
B) $840,000
C) $450,000
D) $344,400

4. XYZ has the following data relating to the forecast sale of goods for the quarter to 31 December 20X2:

XYZ expects trade receivables to be settled as follows:
* 20% in the month of sale, by offering a settlement discount of 5%;
* 30% in the month following sale, and
* the remainder, after allowing for irrecoverable debts, in the subsequent month
$10,000 of the sales made in October 20X2 are expected to be irrecoverable What is the forecast amount to be received by XYZ from trade receivables in December 20X2?

A) $122000
B) $133 000
C) $123 000
D) $132,000

5. When developing local Generally Accepted Accounting Principles (known as local GAAP) some countries start with International Financial Reporting Standards (IFRSs) which are then amended to reflect local needs and conditions.
This type of approach is classified as:

A) Using IFRSs as a model for local GAAP.
B) Adoption of IFRSs as local GAAP.
C) IFRSs having a persuasive influence in formulating local GAAP.
D) IFRSs having little or no impact in formulating local GAAP.

Solutions: