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CIMA Advanced Financial Reporting Sample Questions:

1. EF have just paid a dividend of 20 cents a share and the current share price is $3.75. EF regularly reinvests 40% of its profit for the year and generates a return on reinvested funds of 12%.
The cost of equity for EF using the dividend valuation model is:

A) 10.7%
B) 13.2%
C) 12.9%
D) 10.4%

2. Which THREE of the following would typically indicate a finance lease?

A) A leased asset has been specifically modified for the lessee's use.
B) The lease contract for an asset includes an upgrade to the asset every two years.
C) The lessor is responsible for the annual maintenance of the asset.
D) An asset with a useful life of ten years is being leased for ten years.
E) The lessee has the option to buy the asset at the end of the lease for $1.

3. FG and RS operate in the same retail sector within the same country and are of a similar size. The following ratios have been calculated based on the financial statements for the year ended 30 September 20X4:

Which of the following factors would limit the usefulness of these ratios as a basis for assessing the comparative performances of FG and RS?

A) RS sold a piece of land for a sum much greater than its carrying value.
B) FG has a higher level of deferred tax liabilities than RS.
C) RS has a higher level of borrowings and associated finance costs.
D) RS operates at the low margin end of the market whilst FG operates at the high margin end.

4. The basic earning per share computed by a company for year ended 31st March 20X7 is £2 per share.
The company had certain convertible debentures outstanding as on 31st March 20X7. The conversion of debentures to equity shares would result in the earnings per share to be £2.2. Which of the following should the company disclose?

A) Neither basic nor diluted earnings per share
B) Diluted earnings per share only
C) Both basic and diluted earnings per share
D) Basic earnings per share only

5. ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the figure for non-controlling interest to be shown in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $1,795,000
B) $1,805,000
C) $1,607,500
D) $1,825,000

Solutions: