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CIMA Financial Reporting Sample Questions:

1. In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?

A) Free from error
B) Complete
C) Timely
D) Understandable
E) Neutral
F) Comparable

2. EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.
EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.
Capital gains are taxed at 30%.
What is the tax due on disposal of the asset?

A) $102,600
B) $108,000
C) $95,400
D) $101,400

3. Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?

A) Reduce requirements to have tax returns audited.
B) Reduce penalties for avoidance.
C) Increase tax rates to compensate for losses due to evasion.
D) Simplify the tax structure, minimizing allowances and exemptions.

4. The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.
The directors of JK have refused to change the financial statements.
What type of modified audit report should be issued?

A) Emphasis of matter opinion
B) Disclaimer of opinion
C) Adverse opinion
D) Qualified opinion

5. 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) Conservative financing
B) Aggressive financing
C) Matching financing

Solutions: