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CIMA Advanced Financial Reporting Sample Questions:

1. AB and CD are separate entities that prepare financial statements to 31 May using international accounting standards. AB and CD provide technical support services to the financial services industry and operate in the same country. The financial statements are identical except for the following:
* AB purchased all operating equipment, paying $100,000, using a 5 year bank loan. The useful life of the equipment was 5 years.
* CD signed an operating lease agreement for all operating equipment for 5 years paying
$20,000 per year.
Both entities charge all expenses relating to the equipment to cost of sales.
From the information provided, which of the following ratios would be reliably comparable for AB and CD?

A) Non current asset turnover
B) Profit before tax margin
C) Return on capital employed
D) Gross profit margin

2. MNO is listed on its local stock exchange. It has a high level of gearing compared to the industry average as a result of rapid expansion funded by debt. The directors of MNO would like to reduce the level of gearing by raising equity to fund the next expansion project. The directors are considering whether to use a placing of new shares or a rights issue.
Which of the following statements is true?

A) The directors must use a placing before offering the rights issue to existing shareholders.
B) The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.
C) A placing will increase the proportion of the total number of MNO's shares held by large investors.
D) A rights issue would not need to be underwritten because the risk of the shares not being taken up is small compared to a placing.

3. 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).
$?

4. Which of the following examples would be classed as related parties ofJH Ltd due to the power they possess to directly influence the company?
1: JH Ltd's managing director
2: The son of JH Ltd's managing director, who is an intern in the company's office
3: The brother of JH Ltd's managing director, whose business supplies a large amount of production material for the company
4: JH Ltd's subsidiary company, AL Ltd
5: BR PLC, one of JH Ltd's regular customers

A) 1, 2, 3 & 4
B) 1, 2 & 3
C) 1&4
D) All of the above
E) 1
F) 2, 3 & 4

5. AB and CD are competitors supplying components to the car manufacturing industry. AB operates in Country X and CD operates in Country Y.
Both entities were incorporated on the same day, are the same size and prepare financial statements to 31 March each year using international accounting standards.
Which of the following statements taken individually would limit the usefulness of the comparison of the return on capital employed ratio between the two entities?

A) The currency is Dollar in Country X and Krona in Country Y.
B) The corporate tax rate is 25% in Country X and 40% in Country Y.
C) The average rate of borrowing is 2% in Country X and 7% in Country Y.
D) The average rate of inflation is 3% in Country X and 10% in Country Y.

Solutions: