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CIMA Financial Reporting Sample Questions:

1. Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?

A) No tax will be payable.
B) Tax will be payable at 25%.
C) Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
D) Tax will be payable at 20%.

2. An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.
The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at
20% a year on a straight line basis.
Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.
Give your answer to the nearest whole $.

3. Company Y is using some of the money from a share issue to purchase a new office building. The company is also using some of the money to purchase inventories. Which method of financing is this?

A) Conservative financing
B) Matching financing
C) Aggressive financing

4. Which THREE of the following would be included in a cash budget?

A) Profit on disposal of motor vehicle
B) Dividends received from associate
C) Depreciation on machinery
D) Impairment of goodwill
E) Interest payments
F) Salaries paid to staff

5. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property impairment should not be recorded until the sale has completed.
B) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
C) The property should not be depreciated after 31 March 20X1.
D) The property should be treated as a non-current asset held for sale from 31 March 20X1.
E) The property should be treated as a non-current asset held for sale from 1 November 20X1.
F) The property should be depreciated until 31 October 20X1.

Solutions: