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CIMA Advanced Financial Reporting Sample Questions:

1. Which of the following options provides a representation of how the non controlling interest in FG is measured in CD's consolidated statement of financial position at 31 December 20X8?

A) * FV of NCI at reporting date; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
B) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
C) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.
D) * FV of NCI at reporting date; plus
* NCI's share of group reserves; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.

2. LM is preparing its consolidated financial statements for the year ended 30 April 20X5. During the year LM acquired 30% of the equity shares of AB giving it significant influence over AB.
LM conducted ratio analysis comparing the financial performance of the group for 30 April 20X4 and
20X5.
Which of the following ratios would not be comparable as a result of the acquisition of AB?

A) Interest cover.
B) Return on capital employed.
C) Earnings per share.
D) Operating profit margin.

3. AB owned 80% of the equity share capital of FG at 1 January 20X6. AB disposed of 10% of FG's equity share capital on 31 December 20X6 for $400,000. The non controlling interest was measured at
$700,000 immediately prior to the disposal.
Which of the following represents the adjustment that AB made to non controlling interest in respect of the disposal when it prepared its consolidated financial statements at 31 December 20X6?

A) Credit of $350,000
B) Credit of $50,000
C) Debit of $350,000
D) Debit of $400,000

4. Ratios have been produced below for EF for the year to 31 March:

Which TWO of the following could explain the movement in both gearing and ROCE?

A) A revaluation upwards on the head office property on 1 April 20X2.
B) A debt issue on 31 March 20X3.
C) A bank loan to purchase new machinery on 31 March 20X3.
D) A bonus issue of shares on 1 April 20X2.
E) A rights issue on 31 March 20X3.

5. You are a Financial Controller at BCD and are in the process of preparing the year-end financial statements. A member of your finance team has come to see you about her provisions balance at year- end.
She says that the Managing Director has asked her to increase the provisions balance by $1 million overall. She thinks this is because BCD has had a very good year in terms of profit, and the Managing Director wants to put some profit aside to protect against any future reductions in profit. $1 million is material to BCD.
You believe that the provisions balance was fairly stated without the additional $1 million.
Which TWO of the following would be appropriate actions in this scenario?

A) Tell the member of your finance team to ignore the Managing Director and to leave the provisions balance as it was.
B) Speak to the shareholders at the upcoming annual general meeting about this issue.
C) Contact the external auditors of BCD and tell them that the Managing Director wants to change the provisions balance.
D) Speak to the Managing Director to explain that the level of provisions is governed by financial reporting standards.
E) Discuss the matter with the Finance Director as he is your immediate line manager.

Solutions: