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CIMA Financial Reporting Sample Questions:

1. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Reduction in bank overdraft charges
B) Reduction in payables days
C) Reduction in the need for management control
D) Increase in cash sales
E) No irrecoverable debts

2. Which of the following is NOT a type of supply for value added tax (VAT)?

A) Exempt
B) Fixed
C) Zero-rated
D) Standard-rated

3. KL has just completed their inventory count and has ascertained that the cost value of the inventory is
$460,000; this was made up of 10,000 units of component part FF.
A week before the year end the FF components were moved to a temporary warehouse.
Two weeks later they were inspected and found to have been damaged by the damp conditions in the temporary warehouse.
Of the 10,000 units 2,500 of them were damaged. After remedial work of $5.00 per unit KL anticipates they will be able to sell the damaged parts for $32.00 per unit.
What is the value for closing inventory to be included in the financial statements of KL?
Give your answer to the nearest $.

4. Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?

A) Interests of other stakeholders
B) Role and responsibilities of the board
C) Integrity and ethical behaviour
D) Rights and equitable treatment of shareholders
E) Disclosure and transparency

5. Entity RH has an recognised a taxable profit of $1.Smillion for 20X1'. In Entity RH's resident country.
Country M, depreciation charges and entertaining expenses are disallowed expenses. Below is some information on Entitry RH's outgoings for the period:
Depreciation charged on PPE: $450,000
Political donations: $155,000
Staff parties: $3,200
Cost of updating assets: $10,000
Other expenses: $83,500
In Country M, there is a standard corporation tax of 12% charged on all corporation profits. What is Entity RH's total tax liability for this period?

A) $234,384
B) $125,616
C) $252,984
D) $254,184

Solutions: