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CIMA Advanced Financial Reporting Sample Questions:

1. Which of the following principles are the basic principles followed by the consolidated income statement?
Select ALL that apply.

A) After profit for the period, show the profit split between amounts attributable to the parent's shareholders and other shareholders
B) Include all of the parent's income and expenses minus all of the subsidiaries' income and expenses
C) Ignore investment income from subsidiary to parent (e.g. dividend payments or loan interest)
D) Include investment income from subsidiary to parent (e.g. dividend payments or loan interest)
E) Include all of the parent's income and expenses plus all of the subsidiaries' income and expenses

2. LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8.
Under the terms of the agreement, LM paid nothing for the first year and then made four payments of
$50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.
Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?

A) An accrual of $50,000 was recognised.
B) A prepayment of $10,000 was recognised.
C) An accrual of $40,000 was recognised.
D) An expense of $50,000 was recognised.

3. EFG is preparing its financial statements to 31 March 20X8. During the year ended 31 March 20X7, EFG purchased a piece of land for $1 million which is used as the staff car park. EFG has a policy of revaluing land, in accordance with International Accounting Standards, and at 31 March 20X8, accounted for a substantial increase in its value.
Revenue and operating profit has remained constant over the 2 years.
When comparing EFG's financial statements for the year ended 31 March 20X7 with those of 20X8, which THREE of the following would be expected?

A) Increase in net asset turnover.
B) Decrease in net asset turnover.
C) Increase in return on capital employed.
D) Decrease in return on capital employed.
E) Increase in other comprehensive income.
F) Increase in profit before tax.

4. The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:

What is VW's interest cover for the year ended 30 September 20X7?

A) 5.1
B) 4.5
C) 3.3
D) 4.1

5. ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the value of retained earnings that will be presented in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $9,775,000
B) $9,685,000
C) $10,080,000
D) $9,715,000

Solutions: