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CIMA Advanced Financial Reporting Sample Questions:

1. LM and JK operate in the same country and prepare their financial statements to 30 June 20X6 in accordance with International Accounting Standards. On 27 June 20X6 both entities raised $1 million cash by issuing debt instruments with identical terms and conditions. Prior to this issue both entities were financed entirely by equity.
At 30 June 20X6 the gearing ratios, calculated as Debt/Equity x 100%, were as follows:
LM: 30%
JK: 65%
Which of the following independent options would explain the difference between LM and JK's year-end gearing?

A) LM had 100,000 $1 shares at the year end; JK had 200,000 50c shares in issue at the year end.
B) LM held no investments in other entities; JK revalued its available for sale investments upwards in the year.
C) LM made a bonus issue from retained earnings in the year; JK issued no shares in the year.
D) LM revalued its land and buildings upwards in the year; JK has performed no revaluations.

2. XYZ had 600,000 ordinary shares in issue on 1 July 20X4. On 1 January 20X5, the entity made a 1 for 2 bonus issue. The profit attributable to ordinary shareholders for the year ended 30 June 20X5 was
$2,925,000.
What is the basic earnings per share for the year ended 30 June 20X5?

A) $4.88
B) $3.90
C) $1.63
D) $3.25

3. What figure will be presented for "dividend paid to shareholders of GHI" in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?
Give your answer to the nearest $000.
$ ? 000

4. Which of the following statements are true regarding consolidated cash flows after the acquisition of a subsidiary?
Select ALL that apply.

A) Net cash paid to acquire a subsidiary is shown as a cash inflow within the cash flow from investing activities
B) Disclosure notes are required to show cash and cash equivalents paid or received, but not details of goodwill, assets and liabilities acquired
C) The subsidiary's cash inflows and outflows become part of the group after purchase
D) Cash acquired from the subsidiary upon purchase is represented as a cash inflow
E) Further adjustments are required to cash inflows and outflows after profit has been consolidated
F) Adjustments need to be made to group working capital in light of the working capital acquired from the subsidiary

5. ST acquired 70% of the equity shares of DE for $87,500 on 30 September 20X5. At the date of acquisition the net assets of DE were $54,700 and the fair value of the non controlling interest was measured at
$19,700. There has been no impairment of goodwill.
On 30 September 20X9 ST disposed of its entire investment in DE for $262,500 when the net assets of DE were $96,250.
What is the gain or loss on disposal of DE that will be included in ST's consolidated profit or loss for the year ended 30 September 20X9?

A) $166,250 loss
B) $113,750 gain
C) $166,250 gain
D) $113,750 loss

Solutions: