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CIMA Financial Reporting Sample Questions:

1. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

2. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Group's share of the net assets of the other entity are shown as one line within equity.
B) Parent's and group share of the other entity's assets and liabilities are added together line by line.
C) Group's share of the net assets of the other entity are shown as one line under non-current assets.
D) Parent's and 100% of the other entity's assets and liabilities are added together line by line.

3. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the non-controlling interest balance in FG's consolidated statement of financial position at 31 December 20X5.
Give your answer to nearest whole $.

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

5. In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

A) The present value of future cash flows generated from the asset.
B) The amount paid when the asset was purchased.
C) The cost to acquire an equivalent asset at the measurement date.
D) The amount that would be received on the sale of the asset.

Solutions: