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CIMA Advanced Financial Reporting Sample Questions:

1. CD commenced a construction contract on 1 April 20X9. The contract value was agreed at $100,000. CD had incurred $40,000 costs to date and estimated costs to completion were $50,000. At the year ended
31 December 20X9 this contract was estimated to be 60% complete. CD adopted the provisions of IAS
11 Construction Contracts when preparing its financial statements for the year to 31 December 20X9.
What value should be included in CD's profit for the year ended 31 December 20X9 in respect of this contract?
Give your answer to the nearest whole number.
$ ?

2. GH is seeking to finance a substantial new project that is guaranteed to enhance the profitability of the entity. Its key determinants in deciding upon the best source of finance are to balance the following requirements:
1) to minimise the costs of issue of the finance;
2) to avoid the need to find cash to repay the source of finance; and
3) to ensure that the long-term gearing level does not increase.
Which of the following financing options best meets these requirements?

A) A term loan
B) Convertible loan stocks
C) Initial public offering of ordinary shares
D) Redeemable preference shares

3. MS Group's total profit for period on their consolidated income statement is £31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit £41,000
Dividend from JV2 £5,000
Finance cost £3,000
Tax £11,000

A) £9,000
B) £7,000
C) £4,000
D) £5,000
E) £1,000
F) £6,000

4. LM and JK operate in the same country and prepare their financial statements to 30 June 20X6 in accordance with International Accounting Standards. On 27 June 20X6 both entities raised $1 million cash by issuing debt instruments with identical terms and conditions. Prior to this issue both entities were financed entirely by equity.
At 30 June 20X6 the gearing ratios, calculated as Debt/Equity x 100%, were as follows:
LM: 30%
JK: 65%
Which of the following independent options would explain the difference between LM and JK's year-end gearing?

A) LM held no investments in other entities; JK revalued its available for sale investments upwards in the year.
B) LM had 100,000 $1 shares at the year end; JK had 200,000 50c shares in issue at the year end.
C) LM revalued its land and buildings upwards in the year; JK has performed no revaluations.
D) LM made a bonus issue from retained earnings in the year; JK issued no shares in the year.

5. The IAS definitions of financial instruments dictate their classification between debt and equity. Which of of the following factors might this classification impact?
Select ALL that apply.

A) Financial risk
B) Liquidity
C) Profitability
D) Profit distribution

Solutions: