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CIMA Financial Reporting Sample Questions:

1. An entity acquires 100% of the equity shares in another entity.
The consideration paid for the shares is less than the fair value of the net assets acquired.
Which of the following is the correct accounting treatment for the difference between the consideration paid and the fair value of the net assets acquired, in accordance with IFRS 3 Business Combinations?

A) Recognise as a gain in the consolidated statement of profit or loss.
B) Recognise as a gain in the statement of changes in equity.
C) Recognise as a deduction from goodwill in the consolidated statement of financial position.
D) Recognise as a deferred credit and release to consolidated profit or loss over its useful economic life.

2. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Group's share of the net assets of the other entity are shown as one line under non-current assets.
B) Group's share of the net assets of the other entity are shown as one line within equity.
C) Parent's and group share of the other entity's assets and liabilities are added together line by line.
D) Parent's and 100% of the other entity's assets and liabilities are added together line by line.

3. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
B) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
C) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
D) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.

4. Which of the following is a feature of value added tax (VAT)?

A) Only registered entities can charge VAT on sales or recover VAT paid on purchases.
B) Entities cannot register for VAT if the value of their taxable supplies is below the registration threshold.
C) Entities that make only standard-rated or zero-rated supplies have their right to recover input tax restricted.
D) The value of all supplies must be taken into account when determining whether the registration threshold has been exceeded.

5. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Carry the trading loss backwards against trading profits in previous periods.
B) Offset the trading loss against group entity profits.
C) Offset The trading loss against its trading profits in future periods
D) Offset the trading loss against capital gams in previous periods

Solutions: