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CIMA Advanced Financial Reporting Sample Questions:

1. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
B) The cost of the mine will be increased by $3 million on 1 January 20X8.
C) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
D) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.
E) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
F) The cost of the mine will be increased by $1 million on 1 January 20X8.

2. XY's investments enable it to exercise control over AB and have significant influence over FG and JK.
The Managing Director of XY is a non-executive director of LM. XY does not hold any investment in LM.
XY is preparing its consolidated financial statements for the year ended 30 September 20X9.
Which of the following transactions during the year will be disclosed in these financial statements in accordance with IAS 24 Related Party Disclosures?

A) Sale of goods from FG to JK at their current market value.
B) Sale of a motor vehicle from XY to a Director of AB's spouse at its current market value.
C) Sale of non current assets from XY to LM at their current market value.
D) Sale of goods with a trade discount to a major customer of XY.

3. AB acquired a financial investment on 1 January 20X9, incurring $5,000 related agency fees. AB initially classified the investment as held for trading, in accordance with IAS 32 Financial Instruments:
Presentation.
Which of the following statements reflects the accounting treatment that AB adopted in respect of this investment when it prepared its financial statements to 31 December 20X9?

A) Agency fees were added to the cost of the investment and the gain/loss on the remeasurement of the investment at the year end was recorded in profit or loss for the year.
B) Agency fees were recorded as an expense and the gain/loss on the remeasurement of the investment at the year end was recorded in other comprehensive income.
C) Agency fees were added to the cost of the investment and the gain/loss on the remeasurement of the investment at the year end was recorded in other comprehensive income.
D) Agency fees were recorded as an expense and the gain/loss on the remeasurement of the investment at the year end was recorded in profit or loss for the year.

4. An investor owns 75 shares values at $1.50 each. If the shares increase in value to $1.75, how much money will the investor have made through this capital gain?

A) $15
B) $18.75
C) $131.25
D) $26.25
E) $187.50
F) $112.50

5. The following information is extracted from the financial statements of RS for the year ended 30 June 20X7:

RS has no other liability balances and has no associate investments.
Calculate return on capital employed for RS at 30 June 20X7.
Give your answer to the nearest whole %.
? %