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CIMA Financial Reporting Sample Questions:

1. XYZ is a manufacturer. Which of these should be classified as other comprehensive income in XYZs statement of profit or loss and other comprehensive income for the year ended 31 December 20X4?

A) Dividend income from investments
B) Gain on disposal of machinery
C) Interest received on savings
D) Revaluation surplus on properly

2. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Reduction in the need for management control
B) Reduction in payables days
C) Reduction in bank overdraft charges
D) No irrecoverable debts
E) Increase in cash sales

3. On 1 July 20X8 JKL has 100 units of inventory, which cost $8 each. The following transactions arose during the month of July:

JKL values inventory using the first in. first out method.
What is the value of JKL's inventory at 31 July 20X8?
Give your answer to the nearest $.

4. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) Initial direct costs of $3,000 are expensed in the statement of profit or loss.
B) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
C) The value of the right of use asset on 1 January 20X6 is $273,000.
D) The value of the lease liability on 1 January 20X6 is $273,000.
E) The right of use asset is depreciated over 3 years.
F) The value of the lease liability on 1 January 20X6 is $270,000.

5. A non-executive director of a company is somebody who:

A) is involved in making operational decisions m the company
B) does not earn remuneration from the company
C) need not have experience of the industry in which the company operates
D) can be appointed Chief Executive Officer of the company.

Solutions: