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CIMA Advanced Financial Reporting Sample Questions:

1. An accountant acting under their Code of Ethics would do which THREE of the following?

A) Reject a justified change to a depreciation policy that increases profitability.
B) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
C) Accept a recommendation from the audit committee to increase segregation of duties within the finance department.
D) Accept a director's instruction to remove one element of their remuneration from the directors' remuneration report.
E) Report material conflicts of interest to a more senior level.
F) Make a provision for a liability of uncertain timing or amount, requested by the directors, where there is NOT a present obligation.

2. EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate income tax rate is 22%.
The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.
Calculate the post tax cost of debt.
Give your answer as a percentage to one decimal place.
%

3. LM has made the following share purchases during the year:
* Purchased 55% of the equity share capital of OP.
* Purchased 45% of the equity share capital of QR. LM have the power to appoint the majority of board members on the QR board.
* Purchased 30% of the equity share capital of ST. LM is represented by one director on the main board of ST which has five members in total. The other 70% of ST's equity share capital is owned by a single company, UV.
The Managing Director has told you that OP has performed well, but both QR and ST have not performed as expected. He is therefore pleased that OP will be included as a subsidiary and that QR and ST will only be included as investments in the group financial statements.
In accordance with the ethical principle of professional competence and due care how should the investments in OP, QR and ST be treated in the group financial statements?

A) OP and QR should be equity accounted and ST should be valued at cost.
B) OP should be consolidated and QR and ST should be equity accounted.
C) OP and QR should be consolidated and ST should be equity accounted.
D) OP should be consolidated, QR should be equity accounted and ST should be valued at cost.

4. The directors of AB want to reduce the entity's gearing ratio in the year to 31 December 20X9.
Which of the following independent actions could the directors take during 20X9 to achieve this?

A) Switch AB's fixed interest bearing borrowing to a lower variable rate borrowing.
B) Recognise the valuation surplus on AB's property, plant and equipment.
C) Issue redeemable preference shares.
D) Issue cumulative preference shares.

5. JJ's current share price is $1.80, with a dividend of $0.20 a share just about to be paid.
Dividends have increased at an average annual growth rate of 4.5% and this is expected to continue into the future.
What is JJ's cost of equity?

A) 17.6%
B) 16.1%
C) 11.1%
D) 12.5%

Solutions: