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CIMA Advanced Financial Reporting Sample Questions:

1. On 1 January 20X6 AB, a listed entity, had 10,000,000 $1 ordinary shares in issue. On 1 April 20X6 AB issued 3,000,000 $1 ordinary shares at their full market price. AB's profit was reported as $1,100,000 after charging corporate income tax of $500,000.
Place the correct values for profit and weighted average number of shares in the boxes below that will be used to calculate AB's earnings per share for the year to 31 December 20X6.

2. 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:

Calculate the exchange difference arising on the retranslation of goodwill on the acquisition in the consolidated statement of financial position of CD at 31 December 20X7.
Give your answer to the nearest $000.

3. JJ's current share price is $1.80, with a dividend of $0.20 a share just about to be paid.
Dividends have increased at an average annual growth rate of 4.5% and this is expected to continue into the future.
What is JJ's cost of equity?

A) 17.6%
B) 12.5%
C) 16.1%
D) 11.1%

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

5. The tax benefit on a company's asset is £180,000 and the useful life on that asset is five years. The company creates a deferred tax provision to spread this benefit over the asset's useful life.
What entry is needed to reduce this deferred tax provision in the company's year two accounts?

A) DR Corporation tax (income statement) £144,000
B) DR Corporation tax (income statement) £36,000
C) CR Corporation tax (income statement) £36,000
D) DR Deferred tax liability (SOFP) £144,000
E) CR Corporation tax (income statement) £144,000
F) CR Deferred tax liability (SOFP) £36,000
G) DR Deferred tax liability (SOFP) £36,000
H) CR Deferred tax liability (SOFP) £144,000

Solutions: