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CIMA Advanced Financial Reporting Sample Questions:

1. Information from the financial statements of an entity for the year to 31 December 20X5:

The gearing ratio calculated as debt/equity and interest cover are:

A) gearing of 15% and interest cover of 4.
B) gearing of 16% and interest cover of 4.
C) gearing of 15% and interest cover of 6.
D) gearing of 16% and interest cover of 6.

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

3. GH's financial statements show the following:
What is the value of the dividend received from the associate to be included in GH's consolidated statement of cash flows for the year?
Give your answer to the nearest $000.
$ ? 000

4. ST acquired 70% of the equity shares of DE for $87,500 on 30 September 20X5. At the date of acquisition the net assets of DE were $54,700 and the fair value of the non controlling interest was measured at
$19,700. There has been no impairment of goodwill.
On 30 September 20X9 ST disposed of its entire investment in DE for $262,500 when the net assets of DE were $96,250.
What is the gain or loss on disposal of DE that will be included in ST's consolidated profit or loss for the year ended 30 September 20X9?

A) $113,750 loss
B) $166,250 gain
C) $113,750 gain
D) $166,250 loss

5. The dividend yield of ST has fallen in the year to 31 May 20X5, compared to the previous year.
The share price on 31 May 20X4 was $4.50 and on 31 May 20X5 was $4.00. There were no issues of share capital during the year.
Which of the following should explain the reduction in the dividend yield for the year to 31 May 20X5 compared to the previous year?

A) To compensate investors for the reduction in share price a higher dividend per share was paid.
B) Surplus cash was used to pay a special dividend in addition to the normal dividend in the year.
C) The profit for the year fell significantly and the dividend per share stayed the same.
D) The dividend paid in the year was reduced in order to pay for new assets.

Solutions: