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CIMA Advanced Financial Reporting Sample Questions:

1. The basic earning per share computed by a company for year ended 31st March 20X7 is £2 per share.
The company had certain convertible debentures outstanding as on 31st March 20X7. The conversion of debentures to equity shares would result in the earnings per share to be £2.2. Which of the following should the company disclose?

A) Diluted earnings per share only
B) Both basic and diluted earnings per share
C) Basic earnings per share only
D) Neither basic nor diluted earnings per share

2. XY has a weighted average cost of capital (WACC) of 12%. The debt:equity ratio is 1:3 and this is considered low for the industry. XY needs to raise finance to purchase new machinery in the coming year.
Which of the following forms of finance is most likely to increase the WACC?

A) Rights issue of equity shares
B) Finance lease
C) 8% preference shares
D) 6% bank loan

3. GH's financial statements show the following:
What is the value of the dividend received from the associate to be included in GH's consolidated statement of cash flows for the year?
Give your answer to the nearest $000.
$ ? 000

4. LM has made the following share purchases during the year:
* Purchased 55% of the equity share capital of OP.
* Purchased 45% of the equity share capital of QR. LM have the power to appoint the majority of board members on the QR board.
* Purchased 30% of the equity share capital of ST. LM is represented by one director on the main board of ST which has five members in total. The other 70% of ST's equity share capital is owned by a single company, UV.
The Managing Director has told you that OP has performed well, but both QR and ST have not performed as expected. He is therefore pleased that OP will be included as a subsidiary and that QR and ST will only be included as investments in the group financial statements.
In accordance with the ethical principle of professional competence and due care how should the investments in OP, QR and ST be treated in the group financial statements?

A) OP and QR should be consolidated and ST should be equity accounted.
B) OP and QR should be equity accounted and ST should be valued at cost.
C) OP should be consolidated, QR should be equity accounted and ST should be valued at cost.
D) OP should be consolidated and QR and ST should be equity accounted.

5. Which of the following should be eliminated when using the equity method to account for associates in a parent's financial statements?
Select ALL that apply.

A) Unrealised profits
B) Intra-group balances and transactions
C) Goodwill payments
D) Dividends from associates

Solutions: