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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. LM received notification on 10 November 20X4 from one of its customers stating they had ceased trading as they had gone into liquidation. The balance outstanding at 31 October 20X4 was $150,000.
In accordance with IAS 10 Events after the Reporting Date this event will be treated as:

2. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

3. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Parent's and group share of the other entity's assets and liabilities are added together line by line.
B) Parent's and 100% of the other entity's assets and liabilities are added together line by line.
C) Group's share of the net assets of the other entity are shown as one line within equity.
D) Group's share of the net assets of the other entity are shown as one line under non-current assets.

4. YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

A) A balancing charge of $1,500 reduces taxable profit.
B) A balancing charge of $1,500 increases taxable profit.
C) A balancing allowance of $1,500 reduces taxable profit.
D) A balancing allowance of $1,500 increases taxable profit.

5. XY acquired 75% of the equity shares of CD on 1 January 20X2 for $230,000.
On 1 January 20X2 CD had the following balances:

XY uses the proportionate share of net assets method to value non controlling interest at acquisition.
Calculate the goodwill arising on the acquisition of CD.
Give your answer to nearest whole number.

Solutions: