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CIMA Financial Reporting Sample Questions:

1. During the year a piece of equipment that originally cost $96,000, with accumulated depreciation of $39,000, met the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to be classified as held for sale.
The equipment is being advertised for sale at $46,000 and costs of $1,000 will be incurred to enable the sale to be completed.
At what value should the equipment be included in the statement of financial position at the year end assuming that it remains unsold?
Give your answer to the nearest whole number.

2. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
B) Initial direct costs of $3,000 are expensed in the statement of profit or loss.
C) The value of the lease liability on 1 January 20X6 is $273,000.
D) The value of the right of use asset on 1 January 20X6 is $273,000.
E) The value of the lease liability on 1 January 20X6 is $270,000.
F) The right of use asset is depreciated over 3 years.

3. On 31 July 20X8, CDE's directors decided to sell an asset with a carrying amount of $26,000. On that date it ceased to be used in readiness for its sale.
There is an active second-hand market for this type of asset and it has been advertised at its market value of $24,000 When a seller is found, the asset will need to be dismantled at a cost of $1,000 What is the amount to be recognised as an asset held for sale on 31 July 20X8?
Give your answer to the nearest $.

4. BC manufactures product X and on 1 February 20X4 started a project to develop a new material for use in its production. The development project is due to be completed by 31 December 20X4 with the new material being used in production from 1 January 20X5. The development project costs have been reliably estimated at
$200,000 and it is anticipated that the new material will increase the margin achieved on product X by 20%.
You are a CIMA accountant within BC and are considering how to treat the development costs of $200,000 in the financial statements for the year ended 31 December 20X4.
In accordance with the ethical principle of professional competence and due care, which of the following statements correctly explains how these costs should be accounted for?

A) Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.
B) Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.
C) Expense to profit or loss because the development has not changed the nature of product X.
D) Expense to profit or loss because the development project will be completed by the end of the year.

5. ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

A) A balancing allowance of $800 will reduce taxable profits.
B) A balancing charge of $800 will reduce taxable profits.
C) A balancing charge of $800 will increase taxable profits.
D) A balancing allowance of $800 will increase taxable profits.

Solutions: