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CIMA Advanced Financial Reporting Sample Questions:

1. XYZ had 600,000 ordinary shares in issue on 1 July 20X4. On 1 January 20X5, the entity made a 1 for 2 bonus issue. The profit attributable to ordinary shareholders for the year ended 30 June 20X5 was
$2,925,000.
What is the basic earnings per share for the year ended 30 June 20X5?

A) $3.90
B) $4.88
C) $3.25
D) $1.63

2. XY has in issue a 6% convertible bond which is redeemable at par or convertible into equity shares in one year's time. The conversion terms are 20 equity shares for each $100 of convertible bond. The conversion value in one year's time is expected to be $105 per $100 nominal of the bond based on the current share price of $5.25.
Which of the following statements about the bond is correct?

A) If the bond is redeemed rather than converted that means that the investor will receive $105 for each
$100 of nominal value.
B) The yield to maturity of the convertible bond is a constant 6%.
C) The bond will be converted into equity shares in one year's time if the share price does not change.
D) XY's post tax cost of debt for the convertible bond will be higher than the yield to maturity.

3. ST owns 75% of the equity share capital of GH. GH owns 80% of the equity share capital of RS.
The following balances relate to RS:

The non controlling interest in respect of RS had a fair value of $56,000 at acquisition. There has been no impairment to goodwill since acquisition.
What value should be included in ST's consolidated statement of financial position for the non controlling interest in RS at 31 December 20X9?

A) $93,500
B) $86,000
C) $116,000
D) $146,000

4. LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8.
Under the terms of the agreement, LM paid nothing for the first year and then made four payments of
$50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.
Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?

A) An expense of $50,000 was recognised.
B) A prepayment of $10,000 was recognised.
C) An accrual of $40,000 was recognised.
D) An accrual of $50,000 was recognised.

5. MNO is listed on its local stock exchange. It has a high level of gearing compared to the industry average as a result of rapid expansion funded by debt. The directors of MNO would like to reduce the level of gearing by raising equity to fund the next expansion project. The directors are considering whether to use a placing of new shares or a rights issue.
Which of the following statements is true?

A) The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.
B) A rights issue would not need to be underwritten because the risk of the shares not being taken up is small compared to a placing.
C) The directors must use a placing before offering the rights issue to existing shareholders.
D) A placing will increase the proportion of the total number of MNO's shares held by large investors.

Solutions: