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CIMA Financial Reporting Sample Questions:

1. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

2. Which of the following is an effect of using equity accounting to include an entity in the consolidated statement of financial position of a group?

A) The group share of each asset and liability of the investee entity is included with the investing entity's balances.
B) A single figure is included in net assets which is the sum of the initial cost of investment in the investee entity plus the group share of all changes in net assets since acquisition.
C) The investment in the investee entity is included in non-current assets at cost to the investing entity.
D) 100% of each asset and liability of the investee entity is included with the investing entity's balances.

3. The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.
The directors of JK have refused to change the financial statements.
What type of modified audit report should be issued?

A) Adverse opinion
B) Disclaimer of opinion
C) Emphasis of matter opinion
D) Qualified opinion

4. 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?

A) Whether all the information and explanations necessary for the purposes of the audit have been received.
B) Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.
C) Whether the entity has been exposed to any fraud.
D) Whether every transaction that underpins the financial statements has been correctly recorded.
E) Whether the entity has kept proper accounting records.

5. STU has a non-current asset which originally cost $250,000, has an expected life of 8 years and an estimated residual value of $25,000. The asset is depreciated at 25% a year on a reducing balance basis On 1 July 20X5 the accumulated depreciation for this asset is $109,375 What is the depreciation charge for the year ending 30 June 20X6?
Give your answer to the nearest whole number.

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