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CIMA Financial Reporting Sample Questions:

1.

2. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Increase in cash sales
B) Reduction in bank overdraft charges
C) Reduction in the need for management control
D) Reduction in payables days
E) No irrecoverable debts

3. An entity purchased an asset for $375,000 on 1 November 20X0 incurring legal fees of $33,000.
Improvements were made to the asset for $65,000 on 1 December 20X2 which qualified as capital expenditure under the local tax rules. The entity also incurred repair costs on the asset on 1 February 20X3 amounting to
$10,000.
The asset was sold for $680,000 on 1 December 20X5 incurring allowable costs on disposal of $15,000.
Indexation on the purchase cost and the improvement are allowable.
The index increased by 20% between November 20X0 and December 20X5,15% between December 20X2 and December 20X5 and 10% between February 20X3 and December 20X5 Calculate the chargeable gain on the disposal of the asset on 1 December 20X5.

A) $100,650
B) $89,650
C) $107,250
D) $90,650

4. An entity has an inventory holding period of 52 days.
This means that the inventory:

A) takes 52 days to arrive after it has been ordered.
B) stays in the entity's warehouse for an average of 52 days before it is sold.
C) takes 52 days to manufacture.
D) takes 52 days to be paid for.

5. What is the correct classification of a 90-day government bond?

Solutions: