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CIMA Financial Reporting Sample Questions:

1. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
B) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.
C) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.
D) Set up an advisory committee then issue an exposure draft and then issue a discussion document.

2. PP supplies zero-rated and standard-rated goods. During the year ended 30 March 20X3, the standard-rated goods made up 50% of the total supplies. During the year ended 30 March 20X4 this percentage increased to 60%.
What percentage of input tax suffered can PP claim back in the year ended 30 March 20X4?
Give your answer as a whole number.

3. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Carry the trading loss backwards against trading profits in previous periods.
B) Offset the trading loss against group entity profits.
C) Offset The trading loss against its trading profits in future periods
D) Offset the trading loss against capital gams in previous periods

4. An asset has the following values:

If the asset was sold for its fair value, selling costs of $1,500 would be incurred.
Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?

A) $2,000
B) $1,200
C) $300
D) $0

5. A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

A) credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.
B) debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.
C) debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.
D) credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.

Solutions: