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CIMA Financial Reporting Sample Questions:

1. Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?

A) The tax is paid after the employee completes a tax return.
B) The risk of employees defaulting on the payment of tax due is reduced
C) The tax authority deals directly with the employees rather than the employers.
D) Most of the administrative costs of collecting the tax are borne by the tax authority
E) The government can budget its cash flows more easily.

2. On 1 July 20X7, VWX enters into a 12-month lease for personal computers paying a non-refundable deposit of $600. Lease payments of $500 are paid monthly in arrears. VWX chooses to recognise the assets in the lease as short life and low value Which of the following gives the correct value for the expense in the statement of profit or loss and corresponding prepayment and accrual in VWX's statement of financial position for the year ended 31 December 20X7?

A)

B)

C)

D)

3. In an entity's statement of profit or loss and other comprehensive income, which of the following would be presented as other comprehensive income?

A) The profit on the disposal of a non-current asset
B) An increase in the depreciation charge resulting from the revaluation of a non-current asset.
C) An impairment loss relating to a non-current asset that had not previously been revalued.
D) The increase in the value of a non-current asset following a revaluation.

4. Which THREE of the following would be included in a cash budget?

A) Dividends received from associate
B) Salaries paid to staff
C) Interest payments
D) Impairment of goodwill
E) Profit on disposal of motor vehicle
F) Depreciation on machinery

5. EFG purchased an asset on 1 January 20X5 for $24,000. On that date its useful life was 5 years and residual value was expected to be nil. EFG calculates depreciation on a pro-rata basis.
The asset is reclassified as held for sale on 1 October 20X8 and is unsold on 31 December 20X8.
It is expected that the asset will be sold for S6;300 and that selling costs will be S500.
What is the amount that this asset will be included at in EFG's statement of financial position at 31 December 20X8?
Give your answer to the nearest $.

Solutions: