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CIMA Advanced Financial Reporting Sample Questions:

1. Which of the following actions would be most likely to improve an entity's gross profit margin?

A) Writing down the value of obsolete inventories
B) Offering increased credit to customers
C) Negotiating with trade suppliers for a bulk purchase discount
D) Reducing administrative expenses by 10%

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

3. When accounting for a finance lease under IAS 17 Leases, which TWO of the following are recognised in the statement of profit or loss?

A) Finance cost element of the lease payments
B) Depreciation of the leased asset
C) Lease payments payable
D) Lease payments paid
E) Capital repayment element of the lease payments

4. AB acquired its subsidiary on 1 January 20X7 when the fair value of net assets was the same as book value with the exception of property, plant and equipment that had a fair value $500,000 higher than carrying value.
These assets were assessed to have a remaining useful life of 5 years from the date of acquisition.
What is the net consolidation adjustment to the property, plant and equipment balance at 31 December
20X9?
Give your answer to the nearest whole number (in '$000s).
$?

5. GH issued a 6% debenture for $1,000,000 on 1 January 20X4. A broker fee of $50,000 was payable in respect of this issue. The effective interest rate associated with this debt instrument is 7.2%.
The carrying value of the debenture at 31 December 20X4 is:

A) $1,012,000
B) $1,065,600
C) $961,400
D) $958,400

Solutions: