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CIMA Advanced Financial Reporting Sample Questions:

1. UV has raised $100,000 through the issue of two irredeemable financial instruments:
* 6% debentures with a current market value of $101.50 per $100 nominal value; and
* 8% preference shares with a current share price of $2.20 each.
The corporate income tax rate is 20%
What is the post tax cost of debt for each of these instruments?

2. LM acquired 80% of the equity shares of ST when ST's retained earnings were $50 million. The fair value of the net assets of ST included a contingent liability with a fair value of $100 million at the date of acquisition and a fair value of $40 million at 31 December 20X6. No other fair value adjustments were required at the date of acquisition.
LM and ST had retained earnings of $200 million and $80 million respectively at 31 December 20X6.
The consolidated retained earnings of LM at 31 December 20X6 were:

A) $176 million
B) $272 million
C) $164 million
D) $284 million

3. Which of the following is NOT an example of an unconsolidated structured entity as defined in IFRS12 Disclosure of Interests in Other Entities?

A) A securitisation vehicle
B) A post-employment benefit plan
C) An investment fund
D) An asset-backed financing scheme

4. Which of the following are limitations of financial statement figures for ratio analysis? Select the ALL that apply.

A) Only provides historic data
B) Contains complicated information that needs to be summarised
C) Only provides financial information
D) Limited information to identify trends over time
E) Only provides forecast data
F) Provide only summarised information

5. Which of the following statements are incorrect regarding identifiable assets? Select ALL that apply.

A) To be identifiable assets must be separable from the subsidiary
B) Assets can also be identifiable if they arise from contractual or legal rights
C) Net assets must be identifiable at acquisition
D) Contingent assets and liabilities are examples of exceptions to the rules governing identifiable assets
E) Deferred tax assets and liabilities are not classed as identifiable assets

Solutions: