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CIMA Financial Reporting Sample Questions:

1. What does the exemption method of giving double taxation relief mean?

A) The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.
B) The countries agree on certain types of income which will be exempt or partially exempt in both countries.
C) The countries agree that all types of income will be exempt or partially exempt in both countries.
D) The countries agree that all types of income will be exempt or partially exempt in one country or the other.

2. 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 kept proper accounting records.
C) Whether every transaction that underpins the financial statements has been correctly recorded.
D) Whether the entity has been exposed to any fraud.
E) Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

3. What does the deduction method of giving double taxation relief mean?

A) Tax relief is gained by deducting the foreign tax from the foreign income so that only the "net" amount will be subject to tax in the country of residency.
B) Tax relief is gained by adding the foreign tax from the foreign income so that the gross amount will be subject to tax in the country of residency.
C) Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the higher of the foreign or country of residency tax.
D) Tax paid in one country may be allowed as a tax deduction another country. Relief is normally restricted to the lower of the foreign or country of residency tax.

4. Which of the following does the phrase 'events after the reporting period' refer to?

A) Material events which occur before the statement of financial position date
B) Material events which occur between the statement of financial position date and the date on which the financial statements are approved
C) Material events which occur between the income statement date and the statement of financial position date
D) Material events which occur after the release of the statement of financial position

5. A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

A) credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.
B) debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.
C) credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.
D) debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.

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