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CIMA Financial Reporting Sample Questions:

1. Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

A) Publication of discussion documents.
B) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.
C) Production of draft interpretations of the IFRS which are open to public comment.
D) Publication of exposure drafts.

2. An entity has an inventory holding period of 52 days.
This means that the inventory:

A) takes 52 days to arrive after it has been ordered.
B) takes 52 days to be paid for.
C) takes 52 days to manufacture.
D) stays in the entity's warehouse for an average of 52 days before it is sold.

3. Which THREE of the following are potential implications to a manufacturing business of holding insufficient inventory of raw materials?

A) Purchasing inventory at a higher price
B) Lost sales
C) Wasted production
D) Increased risk of obsolescence
E) Additional storage costs

4. JKL prepares its financial statements to 31 December each year. For the year ended 31 December 20X5 inventory was held for 76 days on average.
The directors of JKL decide to reduce the average inventory level to $6.5 million from 1 January 20X6 JKL's revenue for 20X6 is $54 million on which a gross profit margin of 20% is earned.
Assuming that the average receivables and payables days remain constant what will be the effect of the expected reduction in inventory on JKL's working capital cycle for the year ended 31 December 20X6?

A) A reduction of 21 days
B) A reduction of 32 days
C) An increase of 32 days
D) An increase of 21 days

5. Which of the following is an example of a progressive tax?

A) Personal income tax of 10% and corporate income tax of 20%
B) Corporate income tax of 20% on all earnings
C) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000
D) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001

Solutions: