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CIMA Advanced Financial Reporting Sample Questions:

1. ST has sold its main office property, which had a carrying value of $360,000, to AB, a property management entity.
The property was sold for $400,000 which is equal to its fair value and was immediately leased back under an operating lease agreement.
Which of the following journals will record this transaction?

A) Option C
B) Option A
C) Option D
D) Option B

2. The basic earning per share computed by a company for year ended 31st March 20X7 is £2 per share.
The company had certain convertible debentures outstanding as on 31st March 20X7. The conversion of debentures to equity shares would result in the earnings per share to be £2.2. Which of the following should the company disclose?

A) Basic earnings per share only
B) Both basic and diluted earnings per share
C) Diluted earnings per share only
D) Neither basic nor diluted earnings per share

3. Which of the following, in accordance with IFRS 2 Share-based Payments, are only applicable to the accounting treatment of cash settled rather than equity settled share-based payment schemes?
Select ALL that apply.

A) The expense of the scheme is spread to profit or loss over the vesting period.
B) The instruments in the scheme are remeasured at the end of each financial year to fair value.
C) The credit entry in the financial statements is to equity.
D) The instruments in the scheme are measured at the fair value at the grant date of the scheme.
E) The credit entry in the financial statements is to liabilities.

4. Which of the following statements are INCORRECT with regards to impairment of financial instruments; Select ALL that apply.

A) If a contract relating to a financial instrument is breached then this might be an indication of impairment.
B) The impairment loss on held to maturity instruments is the difference between the assets carrying amount and the present value of its future cashflows.
C) Held to maturity instruments and available for sale assets are both measured at amortised cost and are therefore impacted by impairment.
D) In the result of an impairment loss, the carrying amount of the asset is directly reduced, or reduced through an allowance account.
E) If a loss is suspected following an impairment review, a financial asset is written down to its fair value.

5. A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?

A) The council doesn't have a present obligation from the project.
B) Neither the timing nor the amount of the provision is uncertain.
C) The settlement of the contract is unlikely to result in an outflow from the council.
D) The council has no potential future obligations arising from the project.

Solutions: