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CIMA Advanced Financial Reporting Sample Questions:

1. ST owns 75% of the equity share capital of GH. GH owns 80% of the equity share capital of RS.
The following balances relate to RS:

The non controlling interest in respect of RS had a fair value of $56,000 at acquisition. There has been no impairment to goodwill since acquisition.
What value should be included in ST's consolidated statement of financial position for the non controlling interest in RS at 31 December 20X9?

A) $116,000
B) $86,000
C) $146,000
D) $93,500

2. CD reported a balance of $3,000,000 for property, plant and equipment in its individual financial statements at 31 December 20X8.
Calculate the value of the property, plant and equipment that will be included in CD's consolidated statement of financial position.
Give your answer to the nearest $000.
$? 000

3. PQ and WX are similar sized entities and operate in the same industry within Country X . Both operate from a single warehouse and have similar levels of non current asset resources.
The following ratios have been calculated at 31 October 20X8:

If considered individually, which of the following would limit the usefulness of these ratios in assessing the comparative financial performances of PQ and WX?

A) Operating lease rentals for plant and equipment being charged to administration expenses by PQ and distribution costs by WX.
B) Increased prices for raw materials, which was passed on to customers by both entities.
C) Year end review of equipment resulting in WX charging an impairment loss while PQ's equipment is not impaired.
D) Depreciation of warehouses being charged to cost of sales by PQ and distribution costs by WX.

4. JK is seeking to raise new finance through a rights issue of equity shares.
Which THREE of the following statements are correct?

A) Entities have the opportunity to underwrite a rights issue.
B) An alternative name for a rights issue is a scrip issue of shares.
C) The administration costs associated with a rights issue are higher than those for an initial public offering.
D) Shareholders' entitlement to rights may be sold on their behalf.
E) A rights issue will dilute an existing shareholder's control of the entity if they do not take up their rights.
F) Shareholders must pay the full market price for shares offered in a rights issue.

5. CD acquired 100% of the equity share capital of FG for cash consideration of Kr1,200,000 on 1 January
20X7.
Retained earnings of FG at the date of acquisition was Kr800,000. CD operates from Country A and its functional and presentation currency is $. FG is located and trades throughout Country B and its functional currency is the Krona (Kr).
CD has no other subsidiaries. Goodwill had not suffered any impairment to date.
Summarised data from the statements of financial position for both entities at 31 December 20X7 is presented below:

Which of the following is the correct application of IAS 21 The Effects of Changes in Foreign Exchange Rates in translating FG's statement of financial position into the presentation currency of CD for consolidation purposes at 31 December 20X7?

A) * Goodwill at historic rate.
* Assets and liabilities at closing rate.
B) * Monetary assets and liabilities at closing rate.
* Non monetary assets and liabilities at historic rate.
C) * Monetary assets and liabilities at historic rate.
* Non monetary assets and liabilities at closing rate.
D) * Goodwill at closing rate.
* Assets and liabilities at closing rate.

Solutions: