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CIMA Financial Reporting Sample Questions:

1. An entity purchased an asset on 1 April 20X4 for $320,000, exclusive of import duties of $32,000.
The entity sold the asset on 31 March 20X9 for $480,000 incurring legal fees of $12,000.
The entity is resident in Country Y where chargeable capital gains are taxed at 20% and no indexation is allowed.
Calculate the amount of capital tax that the entity is due to pay.
Give your answer to the nearest whole $.

2. What is the correct classification of a 90-day government bond?

3. Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

A) Production of draft interpretations of the IFRS which are open to public comment.
B) Publication of exposure drafts.
C) Publication of discussion documents.
D) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.

4. For the year ending 31 March 20X2, MN made an accounting profit of $120,000. Profit included $8,500 of political donations which are disallowable for tax purposes and $8,000 of income exempt from taxation.
MN has $15,000 of plant and machinery which was acquired on 1 April 20X0 and purchased a new machine costing $25,000 on 1 April 20X1. This new machine is entitled to first year allowances of 100% instead of the usual tax depreciation of 20% reducing balance. All plant and machinery is depreciated in the accounts at 10% on cost.
MN also has a building that cost $120,000 on 1 April 20X0 and is depreciated in the accounts at 4% on a straight line basis. Tax depreciation is calculated at 3% on a straight line basis.
Calculate the taxable profit.
Give your answer to the nearest $.

5. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
B) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
C) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.
D) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.

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