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CIMA Financial Reporting Sample Questions:

1. 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 $.

2. BC manufactures product X and on 1 February 20X4 started a project to develop a new material for use in its production. The development project is due to be completed by 31 December 20X4 with the new material being used in production from 1 January 20X5. The development project costs have been reliably estimated at
$200,000 and it is anticipated that the new material will increase the margin achieved on product X by 20%.
You are a CIMA accountant within BC and are considering how to treat the development costs of $200,000 in the financial statements for the year ended 31 December 20X4.
In accordance with the ethical principle of professional competence and due care, which of the following statements correctly explains how these costs should be accounted for?

A) Expense to profit or loss because the development has not changed the nature of product X.
B) Expense to profit or loss because the development project will be completed by the end of the year.
C) Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.
D) Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.

3. In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?

A) Timely
B) Understandable
C) Neutral
D) Free from error
E) Complete
F) Comparable

4. Which of the following statements about trade payables management is false?

A) Goods or services may be more costly if extended credit is required.
B) Trade payables should be paid as quickly as possible.
C) Trade payables are an important source of finance.
D) When goods are in short supply customers who pay immediately are likely to be given priority over customers who take credit.

5. To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.
Which THREE of the following are identified in the Code as threats?

A) Self-interest threats
B) Objectivity threats
C) Self-review threats
D) Confidentiality threat
E) Familiarity threats
F) Integrity threats

Solutions: