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CIMA Advanced Financial Reporting Sample Questions:

1. FG has a weighted average cost of capital of 12% based on its existing:
* level of gearing of 30% (measured as debt/(debt + equity)); and
* business operations.
This would be used as an appropriate discount factor to assess which of the following significant projects?

A) A project to extend FG's existing operations, funded 30% with debt and 70% with equity.
B) A project to extend FG's existing operations, funded wholly by debt.
C) A project in an industry in which FG does not currently operate, funded 30% with debt and 70% with equity.
D) A project in an industry in which FG does not currently operate, funded wholly by equity.

2. In recent years EBITDA has been adopted by large entities as a key measure of performance. The following figures have been extracted from the financial statements of UV for the year ended 30 November 20X9:

What is EBITDA for UV for the year ended 30 November 20X9?
Give your answer to the nearest $'000.

3. CD acquired 100% of the equity share capital of FG for cash consideration of Kr1,200,000 on 1 January
20X7.
Retained earnings of FG at the date of acquisition was Kr800,000. CD operates from Country A and its functional and presentation currency is $. FG is located and trades throughout Country B and its functional currency is the Krona (Kr).
CD has no other subsidiaries. Goodwill had not suffered any impairment to date.
Summarised data from the statements of financial position for both entities at 31 December 20X7 is presented below:

Which of the following is the correct application of IAS 21 The Effects of Changes in Foreign Exchange Rates in translating FG's statement of financial position into the presentation currency of CD for consolidation purposes at 31 December 20X7?

A) * Monetary assets and liabilities at closing rate.
* Non monetary assets and liabilities at historic rate.
B) * Goodwill at closing rate.
* Assets and liabilities at closing rate.
C) * Monetary assets and liabilities at historic rate.
* Non monetary assets and liabilities at closing rate.
D) * Goodwill at historic rate.
* Assets and liabilities at closing rate.

4. Following a wedding in October 20X0 ten people contracted food poisoning from eating food cooked by the wedding caterer PQ. At 31 December 20X0 PQ was advised by its legal advisors that a liability was possible but not probable and the incident was disclosed as a contingent liability at that date.
As the result of developments in the case, which is still not settled, PQ was advised that it is now probable, as at 31 December 20X1, that they will be found liable and will therefore have to pay damages of unknown value.
Which of the following would indicate that in the financial statements of PQ for the year ended 31 December 20X1 this should still be recognised as a contingent liability rather than a provision?

A) A present obligation exists as a result of a past event.
B) There is no reliable estimate of the cost.
C) It is probable that there will be an outflow of economic resources to settle the case.
D) The case has not yet been settled.

5. ST has sold its main office property, which had a carrying value of $360,000, to AB, a property management entity.
The property was sold for $400,000 which is equal to its fair value and was immediately leased back under an operating lease agreement.
Which of the following journals will record this transaction?

A) Option A
B) Option D
C) Option C
D) Option B

Solutions: