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CIMA Financial Reporting Sample Questions:

1. Which TWO of the following are features of a bank overdraft?

A) Repayments are scheduled in advance
B) A fixed amount of interest is determined for the period of the overdraft
C) The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.
D) Interest is charged on the balance outstanding.
E) The bank cannot demand repayment of the overdraft before the end of the agreed period.

2. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
B) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.
C) Set up an advisory committee then issue an exposure draft and then issue a discussion document.
D) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.

3. Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?

A) Risk of non-payment
B) Discount offered by suppliers for early payment
C) Selling price of the goods being sold to the customer
D) Bargaining power of the customer
E) Typical credit terms operating within the industry
F) Number of suppliers

4. In accordance with IAS 16 Property, Plant and Equipment, in which of the following situations would subsequent expenditure on a non-current asset be capitalised?

A) A manufacturing entity closes its factory for two weeks each summer for routine maintenance and repairs. The current year's cost of maintenance and repairs was $62,000.
B) An entity's head office building suffered a major fire, the upper floors and roof were completely destroyed. The entity proposes to restore the building at a cost of $1 million and move back in to the building to use it as a head office again.
C) An entity purchased an aircraft five years ago, when its engines were separately identified in the accounting records. The engines now need to be replaced at a cost of $2 million each. When the engines are replaced the aircraft is expected to be airworthy for a further 5 years.
D) An entity's delivery vehicle was in a car park when the car park was flooded. The engine and interior of the vehicle needed extensive repair and renovation costing $25,000.

5. Which TWO of the following would improve a company's short term cash flow position?

A) Increasing the working capital cycle by making payments to suppliers early
B) Postponing non essential capital expenditure
C) Paying a bonus to staff for exceptional performance
D) Taking advantage of bulk discounts offered on inventory purchases
E) Reducing levels of inventory by implementing a just in time system for purchasing

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