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CIMA Advanced Financial Reporting Sample Questions:

1. W and Y are very similar entities with the same level of profit before interest and tax. However, W has gearing of 95% and Y has gearing of 30%.
Which of the following statements is true?

A) Y has a greater commitment to meet interest payments than W.
B) Investors in Y will expect a higher return than investors in W.
C) A greater proportion of profit will be available out of which to declare a dividend in W.
D) Investing in W carries a higher level of risk than investing in Y.

2. An entity undertakes an issue of new debt which has the effect of reducing the entity's weighted average cost of capital (WACC).
Which of the following would best explain why the WACC will have fallen?

A) The risk to the shareholders has reduced leading to a fall in the cost of equity.
B) The new debt is being used to replace existing debt that had a lower cost.
C) The new debt is being used to replace existing debt that had the same cost.
D) The entity was 100% equity financed prior to the issue of the debt.

3. DE acquired 10% of the equity shares of KL on 31 December 20X2.
A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

A) The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
B) Goodwill being calculated at 1 January 20X4 for the first time.
C) A 50% non controlling interest will be shown in the consolidated financial statements.
D) Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
E) Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
F) The 10% investment being revalued to fair value at 1 January 20X4.

4. Which of the following examples would be classed as related parties ofJH Ltd due to the power they possess to directly influence the company?
1: JH Ltd's managing director
2: The son of JH Ltd's managing director, who is an intern in the company's office
3: The brother of JH Ltd's managing director, whose business supplies a large amount of production material for the company
4: JH Ltd's subsidiary company, AL Ltd
5: BR PLC, one of JH Ltd's regular customers

A) 2, 3 & 4
B) All of the above
C) 1, 2 & 3
D) 1
E) 1&4
F) 1, 2, 3 & 4

5. ST granted 1,000 share appreciation rights (SARs) to its 100 employees on 1 December 20X7. To be eligible, employees must remain employed for 3 years from the grant date. In the year to 30 November
20X8, 10 staff left and a further 20 were expected to leave over the following two years. The fair value of each SAR was $12 at 1 December 20X7 and $15 at 30 November 20X8.
What is the accounting entry to record this transaction for the year to 30 November 20X8?

A) Dr Staff costs $280,000, Cr Equity $280,000
B) Dr Staff costs $350,000, Cr Equity $350,000
C) Dr Staff costs $350,000, Cr Non-current liabilities $350,000
D) Dr Staff costs $280,000, Cr Non-current liabilities $280,000

Solutions: