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CIMA Financial Reporting Sample Questions:

1. There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

A) A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.
B) Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
C) Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.
D) Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.
E) Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
F) Sarbanes Oxley Act (SOX) is a rules-based approach to corporate governance.

2. YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

A) A balancing charge of $1,500 reduces taxable profit.
B) A balancing allowance of $1,500 increases taxable profit.
C) A balancing allowance of $1,500 reduces taxable profit.
D) A balancing charge of $1,500 increases taxable profit.

3. Select THREE actions that should be taken by a business offering credit to its customers to ensure that amounts owing are collected as quickly as possible.

A) Chase up slow payers with reminder letters.
B) Monitor outstanding trade receivables.
C) Issue invoices quickly.
D) Take longer to settle trade payables than collect trade receivables.
E) Monitor outstanding trade payables.
F) Extend the credit terms available to customers.

4. The following information relates to AA.
Extract of Trial Balance at 31 December 20X4;

Notes
(i) Inventory at 31 December 20X4 was valued at cost at $30.
(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.
(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.
(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:
What figures should be entered on the face of the Statement of profit or Loss for the year ended 31 December
20X4 in relation to Interest and Corporate income tax?

A) Interest $25 Corporate income tax $(37)
B) Interest $25 Corporate income tax $37
C) Interest $50 Corporate income tax $3
D) Interest $50 Corporate income tax $(3)

5. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

Solutions: