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CIMA Financial Reporting Sample Questions:

1. GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.

2. Which THREE of the following statements are true?

A) Tax depreciation increases the taxable profit.
B) Balancing allowances reduce the taxable profit.
C) Balancing allowances increase the taxable profit.
D) Balancing charges increase the taxable profit.
E) Balancing charges reduce the taxable profit.
F) Tax depreciation replaces accounting depreciation when calculating the taxable profit.

3. Which of the following would NOT normally be subject to a withholding tax?

A) Interest on fixed term loans
B) Equity dividends paid
C) Royalties paid
D) Profit for the year

4. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
B) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.
C) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
D) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

5. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

Solutions: