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CIMA Financial Reporting Sample Questions:

1. Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

A) International Financial Reporting Interpretations Committee
B) International Organisation of Securities Commission
C) International Accounting Standards Board
D) International Financial Reporting Evaluations Committee
E) Standards Advisory Council
F) Standards Application Council

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

3. Which TWO of the following would improve a company's short term cash flow position?

A) Postponing non essential capital expenditure
B) Taking advantage of bulk discounts offered on inventory purchases
C) Increasing the working capital cycle by making payments to suppliers early
D) Reducing levels of inventory by implementing a just in time system for purchasing
E) Paying a bonus to staff for exceptional performance

4. What is the correct classification of a 90-day government bond?

5. OP is considering investing in government bonds. The current price of a $100 bond with 8 years to maturity is $88.
The bonds have a coupon rate of 6% and repay face value of $100 at the end of the 8 years.
Calculate the yield to maturity.
Give your answer to one decimal place.

Solutions: