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CIMA Financial Reporting Sample Questions:

1. TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A) The remaining balance on the revaluation surplus is transferred to retained earnings
B) The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
C) The gain on disposal is recognised in other comprehensive income
D) The property is depreciated based on its revalued amount up to the date of disposal
E) The property is depreciated based on its original cost up to the date ot disposal
F) The gam on disposal is recognised in the statement ot profit or loss

2. Company Y is using some of the money from a share issue to purchase a new office building. The company is also using some of the money to purchase inventories. Which method of financing is this?

A) Matching financing
B) Aggressive financing
C) Conservative financing

3. An entity purchased an asset for $375,000 on 1 November 20X0 incurring legal fees of $33,000.
Improvements were made to the asset for $65,000 on 1 December 20X2 which qualified as capital expenditure under the local tax rules. The entity also incurred repair costs on the asset on 1 February 20X3 amounting to
$10,000.
The asset was sold for $680,000 on 1 December 20X5 incurring allowable costs on disposal of $15,000.
Indexation on the purchase cost and the improvement are allowable.
The index increased by 20% between November 20X0 and December 20X5,15% between December 20X2 and December 20X5 and 10% between February 20X3 and December 20X5 Calculate the chargeable gain on the disposal of the asset on 1 December 20X5.

A) $100,650
B) $90,650
C) $89,650
D) $107,250

4. STU has a non-current asset which originally cost $250,000, has an expected life of 8 years and an estimated residual value of $25,000. The asset is depreciated at 25% a year on a reducing balance basis On 1 July 20X5 the accumulated depreciation for this asset is $109,375 What is the depreciation charge for the year ending 30 June 20X6?
Give your answer to the nearest whole number.

5. The IV Group is formed of I Ltd and its subsidiary company V Ltd. I Ltd purchased 67% of V Ltd's ordinary share capital on 31 March 20X3.
The purchase cost I Ltd £129,000. At the date of purchase V Ltd's net assets were £155,000 while its share capital was £37,000. NCI fair value on the date of acquisition was £31,000.
What was the amount of goodwill I Ltd paid as part of the acquisition. Calculate this figure using both the proportion of net assets method and the full good will method for valuing the non-controlling interest.

A) Full goodwill method = £25,150
B) Full goodwill method = £57,000
C) Proportion of net assets method = £25,150
D) Proportion of net assets method = £77,150
E) Proportion of net assets method = £5,000
F) Full goodwill method = £5,000

Solutions: