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CIMA Financial Reporting Sample Questions:

1. Mr K is being pressured by his manager to change figures in his report so that it will improve his manager's bonus.
His manager has promised Mr K a promotion if he agrees to do this.
What threats is Mr K facing?

A) Self-review and advocacy
B) Familiarity and self-interest
C) Intimidation and self-interest
D) Intimidation and familiarity

2. 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 discussion documents.
C) Publication of exposure drafts.
D) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.

3. Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

A) The objective of financial statements
B) Qualitative characteristics of financial statements
C) Definition of the headings to use in financial statements
D) Specification of the financial statements that must be presented
E) The formats of financial statements
F) The elements of financial statements

4. EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.
EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.
Capital gains are taxed at 30%.
What is the tax due on disposal of the asset?

A) $108,000
B) $101,400
C) $102,600
D) $95,400

5. 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

Solutions: