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CIMA Operational Financial Reporting

Financial Reporting

Last Update Jan 24, 2025
Total Questions : 248

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Questions 2

Which of the following is NOT a source of short-term finance?

Options:

A.  

Increase in trade receivables

B.  

Increase in trade payables

C.  

Debt factoring

D.  

Increase in a bank overdraft

Discussion 0
Questions 3

Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

Options:

A.  

Whether the entity has kept proper accounting records.

B.  

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

C.  

Whether all the information and explanations necessary for the purposes of the audit have been received.

D.  

Whether every transaction that underpins the financial statements has been correctly recorded.

E.  

Whether the entity has been exposed to any fraud.

Discussion 0
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Questions 4

An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.

Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.

Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.

Give your answer to the nearest whole $.

Options:

Discussion 0
Questions 5

Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

Questions 5

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.

YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.

On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.

Calculate the value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.

Give your answer to the nearest whole $.

Options:

Discussion 0

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