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CIMA Advanced Financial Reporting Sample Questions:

1. LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8.
Under the terms of the agreement, LM paid nothing for the first year and then made four payments of
$50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.
Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?

A) An accrual of $50,000 was recognised.
B) A prepayment of $10,000 was recognised.
C) An expense of $50,000 was recognised.
D) An accrual of $40,000 was recognised.

2. Which of the following principles are the basic principles followed by the consolidated income statement?
Select ALL that apply.

A) Include all of the parent's income and expenses plus all of the subsidiaries' income and expenses
B) Include all of the parent's income and expenses minus all of the subsidiaries' income and expenses
C) Ignore investment income from subsidiary to parent (e.g. dividend payments or loan interest)
D) After profit for the period, show the profit split between amounts attributable to the parent's shareholders and other shareholders
E) Include investment income from subsidiary to parent (e.g. dividend payments or loan interest)

3. FG granted share options to its 500 employees on 1 August 20X0. Each employee will receive 1,000 share options provided they continue to work for FG for the four years following the grant date. The fair value of the options at the grant date was $1.30 each. In the year ended 31 July 20X1, 20 employees left and another 50 were expected to leave in the following three years. In the year ended 31 July 20X2, 18 employees left and a further 30 were expected to leave during the next two years.
The amount recognised in the statement of profit or loss for the year ended 31 July 20X1 in respect of these share options was $139,750.
Calculate the charge to FG's statement of profit or loss for the year ended 31 July 20X2 in respect of the share options.

A) $141,050
B) $154,050
C) $293,800
D) $280,800

4. On 1 January 20X1 KL acquired 75% of the equity shares of PQ. Goodwill arising on the acquisition was
$480,000. On 31 December 20X3 KL sold the full investment of PQ to XY Group for $2,000,000. On this date the net assets of PQ were $1,340,000 and the non-controlling interests stood at $410,000.
What is the gain on disposal to be recognised in the consolidated statement of profit or loss of KL?

A) $635,000
B) $660,000
C) $590,000
D) $180,000

5. AB acquired an investment in a debt instrument on 1 January 20X5 at its nominal value of $25,000, which it intends to hold until maturity. The instrument carried a fixed coupon interest rate of 5%, payable in arrears. Transactions costs of $5,000 were paid in respect of this investment. The effective interest rate applicable to this instrument was estimated at 9%.
Calculate the value of this investment that AB will include in its statement of financial position at 31 December 20X5.
Give your answer to the nearest whole number.
$ ?

Solutions: