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CIMA Advanced Financial Reporting Sample Questions:

1. XY acquired 75% of the equity shares of LM on 31 December 20X3. LM acquired 60% of the equity shares of JK on 31 December 20X4 for $950,000. XY measured the non controlling interest in JK at the date of acquisition using the proportionate share of the fair value of the net assets acquired.
The fair value of JK's net assets was $850,000 at 31 December 20X4.
What is the value of goodwill that XY will include in its consolidated statement of financial position at 31 December 30X4 in respect of JK as a result of gaining indirect control?

A) $440,000
B) $202,500
C) $567,500
D) $330,000

2. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
B) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
C) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.
D) The cost of the mine will be increased by $1 million on 1 January 20X8.
E) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
F) The cost of the mine will be increased by $3 million on 1 January 20X8.

3. Which of the following actions should XY's management take in order to reduce its investment in working capital?

A) Sell its long-term investments and use the proceeds to reduce its bank overdraft.
B) Scrap its obsolete inventory and replace with new inventory.
C) Extend credit terms with its trade customers.
D) Pay trade suppliers more quickly to take advantage of prompt payment discounts.

4. 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 C
C) Option D
D) Option B

5. MS Group's total profit for period on their consolidated income statement is £31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit £41,000
Dividend from JV2 £5,000
Finance cost £3,000
Tax £11,000

A) £5,000
B) £6,000
C) £1,000
D) £4,000
E) £9,000
F) £7,000

Solutions: