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CIMA Financial Reporting Sample Questions:

1. In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?

A) Complete
B) Comparable
C) Timely
D) Free from error
E) Understandable
F) Neutral

2. The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" (known as The Conceptual Framework) states that "faithful representation" is a fundamental qualitative characteristic.
In accordance with the Conceptual Framework which of the following is NOT part of faithful representation?

A) Complete
B) Comparable
C) Free from error
D) Neutral

3. Which of the following would NOT be a risk or impact of overtrading?

A) Increased borrowings
B) Expanding too quickly
C) Increase in interest payments
D) Shortage of working capital

4. BCD's finance cost for the year ended 30 June 20X6 in its statement of profit or loss is $198,000. BCD's statement of financial position is as follows:

How much will be included in BCD's statement of cash flows for interest paid in the year ended 31 December 20X6?
Give your answer to The nearest $.

5. The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
What is the value of the unrealized profit in inventory adjustment required to inventory in PQ's consolidated statement of financial position at 31 December 20X0?

A) $1,667
B) $2,000
C) $4,000
D) $3,333

Solutions: