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CIMA Financial Reporting Sample Questions:

1. STU has a non-current asset which originally cost $250,000, has an expected life of 8 years and an estimated residual value of $25,000. The asset is depreciated at 25% a year on a reducing balance basis On 1 July 20X5 the accumulated depreciation for this asset is $109,375 What is the depreciation charge for the year ending 30 June 20X6?
Give your answer to the nearest whole number.

2. Entity RH has an recognised a taxable profit of $1.Smillion for 20X1'. In Entity RH's resident country.
Country M, depreciation charges and entertaining expenses are disallowed expenses. Below is some information on Entitry RH's outgoings for the period:
Depreciation charged on PPE: $450,000
Political donations: $155,000
Staff parties: $3,200
Cost of updating assets: $10,000
Other expenses: $83,500
In Country M, there is a standard corporation tax of 12% charged on all corporation profits. What is Entity RH's total tax liability for this period?

A) $254,184
B) $125,616
C) $234,384
D) $252,984

3. Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:

[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the value of inventory that would be included in JK's consolidated statement of financial position at 31 December 20X8.
Give your answer to the nearest $.

4. For an incorporated business, the taxation of trading income is a form of direct taxation which is based on:

A) dividends paid to shareholders where the tax is paid by the shareholders to the tax authorities.
B) business profits where the tax is paid by the business to the tax authorities.
C) dividends paid to shareholders where the tax is paid by the business to the tax authorities.
D) business profits where the tax is paid by the shareholders to the tax authorities.

5. Which of the following is an example of a progressive tax?

A) Corporate income tax of 20% on all earnings
B) Personal income tax of 10% and corporate income tax of 20%
C) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001
D) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000

Solutions: