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CIMA Financial Reporting Sample Questions:

1. Which of the following statements about trade payables management is false?

A) Trade payables should be paid as quickly as possible.
B) Trade payables are an important source of finance.
C) Goods or services may be more costly if extended credit is required.
D) When goods are in short supply customers who pay immediately are likely to be given priority over customers who take credit.

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

3. In an entity's statement of profit or loss and other comprehensive income, which of the following would be presented as other comprehensive income?

A) The increase in the value of a non-current asset following a revaluation.
B) The profit on the disposal of a non-current asset
C) An impairment loss relating to a non-current asset that had not previously been revalued.
D) An increase in the depreciation charge resulting from the revaluation of a non-current asset.

4. BCD's financial statements for the year ending 30 November 20X3 include the following:

Inventory at 30 November 20X2 was $220,000.
What is BCD's average inventory holding period for the year ended 30 November 20X3?

A) 35 days
B) 37 days
C) 42 days
D) 45 days

5. The United Kingdom (UK) uses a principle based approach to corporate governance which means:

Solutions: