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CIMA Financial Reporting Sample Questions:

1. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.

2. Which of the following would be found under the heading "other comprehensive income" in the statement of total comprehensive income?

A) Gain or loss on revaluation of a non-current asset
B) Dividends paid
C) Income from investments
D) Increase or decrease in provision for irrecoverable debts

3. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $143,000, 20X2 $ nil
B) 20X1 $150,000, 20X2 $nil
C) 20X1 $10,000, 20X2 $113,000
D) 20X1 $150,000, 20X2 $133,000

4. Corporate governance is the means by which an entity is operated and

5. Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

A) International Financial Reporting Evaluations Committee
B) International Organisation of Securities Commission
C) Standards Application Council
D) International Financial Reporting Interpretations Committee
E) International Accounting Standards Board
F) Standards Advisory Council

Solutions: