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CIMA Financial Reporting Sample Questions (Q11-Q16):

NEW QUESTION # 11
If a parent entity is to be exempt from preparing consolidated financial statements it needs to satisfy certain conditions according to IFRS 10 Consolidated Financial Statements.
Which TWO of the following are conditions that need to be satisfied to be exempt?

A. The parent 's investment in its subsidiaries are all below 100%.
B. The parent entity has subsidiaries, one or more of which publishes consolidated financial statements.
C. The ultimate parent of the parent entity publishes consolidated financial statements which are publicly available.
D. The parent entity has no more than 10 subsidiaries or associated entities.
E. The parent entity is itself a wholly owned subsidiary of another entity.

Answer: C,E

NEW QUESTION # 12
There are two main approaches that a country could adopt in respect of corporate governance regulation - a rules based approach and a principles based approach. Match the following statements with the appropriate approach by placing either rules based or principles based against each of them.

Answer:

Explanation:

NEW QUESTION # 13
TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A. The gam on disposal is recognised in the statement ot profit or loss
B. The remaining balance on the revaluation surplus is transferred to retained earnings
C. The gain on disposal is recognised in other comprehensive income
D. The property is depreciated based on its revalued amount up to the date of disposal
E. The property is depreciated based on its original cost up to the date ot disposal
F. The remaining balance on the revaluation surplus is transferred to the statement of profit or loss

Answer: A,B,D

NEW QUESTION # 14
Which TWO of the following are functions of the International Financial Reporting Standards (IFRS) Advisory Council?

A. To approve IFRSs for publication
B. To inform the International Accounting Standards Board of the views of organizations on major standard setting projects
C. To review new financial reporting issues not already covered by IFRS
D. To appoint the members of the International Accounting Standards Board
E. To give advice to the International Accounting Standards Board on agenda decisions and priorities in its work

Answer: B,E

NEW QUESTION # 15
Which of the following is NOT a source of short-term finance?

A. Increase in trade payables
B. Increase in trade receivables
C. Increase in a bank overdraft
D. Debt factoring

Answer: B

NEW QUESTION # 16
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