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CIMA Advanced Financial Reporting Sample Questions:

1. At 31 October 20X1 RS has in issue 10% debentures 20X8 with a carrying value of $350,000.
Extracts from its statement of profit or loss for the year ending 31 October 20X7 are as follows:

What is the interest cover for RS for the ended 31 October 20X7?

A) 8.0 times
B) 9.0 times
C) 11.1 times
D) 10.0 times

2. Which of the following best describes the goal of WACC as a measure?

A) To work out the average return that is required by the company on its investments in order to satisfy all shareholders and debt holders.
B) To work out the average return that is required by the company on its investments in order to satisfy all debt holders.
C) To work out the average return that is required by the company on its investments in order to satisfy all shareholders.
D) To work out the minimum return that is required by the company on its investments in order to satisfy all shareholders and debt holders.

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

4. 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.
$ ?

5. A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?

A) The settlement of the contract is unlikely to result in an outflow from the council.
B) Neither the timing nor the amount of the provision is uncertain.
C) The council doesn't have a present obligation from the project.
D) The council has no potential future obligations arising from the project.

Solutions: