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CIMA Financial Reporting Sample Questions:

1. Mr AM is the owner of Waxco Ltd. Mr AM was born in India, but currently resides in the USA. He has gained dual Indian and American citizenship.
Mr AM first registered Waxco Ltd in the USA when he started the company ten years ago. However, because of lower costs, the company moved its central management station to Germany two years ago. Waxco Ltd has other smaller offices such as call centres across Asia, in locations such as Pakistan and Cambodia, however Waxco Ltd only currently sell goods in the USA.
Which of the countries mentioned are relevant for determining Waxco Ltd's competent jurisdiction?

A) The USA
B) Pakistan
C) Germany
D) Cambodia
E) India

2. Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements.
As a result the auditors consider these financial statements to be wholly unreliable for decision making purposes.
This will result in a modified audit report with the opinion being .

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

A) 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.
B) 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.
C) 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.
D) 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.

4. Which THREE of the following would be included in a cash budget?

A) Impairment of goodwill
B) Salaries paid to staff
C) Profit on disposal of motor vehicle
D) Depreciation on machinery
E) Interest payments
F) Dividends received from associate

5. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Reduction in the need for management control
B) Reduction in payables days
C) Reduction in bank overdraft charges
D) No irrecoverable debts
E) Increase in cash sales

Solutions: