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CIMA Advanced Financial Reporting Sample Questions:

1. EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate income tax rate is 22%.
The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.
Calculate the post tax cost of debt.
Give your answer as a percentage to one decimal place.
%

2. Which TWO of the following are true for an entity raising equity finance using a rights issue rather than a placing of equity shares to new investors?

A) The administration is more complex and therefore likely to be more costly.
B) The cost of underwriting will be lower because the risk of the issue is lower.
C) The voting rights of existing shareholders will be unaffected if the shareholders take up their rights.
D) The shares will sell at a higher price and therefore generate more funds.
E) The issue will widen the base of shareholders if all shareholders take up their rights.

3. Which of the following would cause a deferred tax balance to be included in the statement of financial position for an entity?

A) Impairment of goodwill that arose on the acquisition of a subsidiary entity.
B) Expenses in the statement of profit or loss which are not allowable for tax creating a permanent difference.
C) The acquisition of plant and equipment a year ago where the tax depreciation rate is different to the accounting depreciation rate.
D) The acquisition of land for which there is no tax depreciation.

4. ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the value of goodwill to be included in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $950,000
B) $450,000
C) $570,000
D) $1,450,000

5. AB acquired 90% of the equity of YZ on 31 December 20X2. On the same date YZ acquired 60% of the equity shares of VW for $750,000. AB has no other subsidiaries.
The following information regarding YZ and VW was available:

What amount will AB include in its consolidated statement of financial position in respect of non controlling interest at 31 May 20X6?

A) $816,400
B) $811,000
C) $741,400
D) $840,600

Solutions: