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CIMA Advanced Financial Reporting Sample Questions:

1. Which THREE of the following statements about preference shares are true?

A) Preference shares cannot be issued as redeemable shares.
B) Unlike ordinary shares, preference shares may be cumulative.
C) For an investor, preference shares carry more risk than ordinary shares.
D) Preference shareholders rank below the equity shareholders in a winding up.
E) The characteristics of preference shares are closer to debt than equity.
F) Preference shareholders receive their dividend entitlement before the equity shareholders.

2. GH issued a 6% debenture for $1,000,000 on 1 January 20X4. A broker fee of $50,000 was payable in respect of this issue. The effective interest rate associated with this debt instrument is 7.2%.
The carrying value of the debenture at 31 December 20X4 is:

A) $1,065,600
B) $961,400
C) $1,012,000
D) $958,400

3. Mr. Rodgers is an accountant for JK Pic. He is asked to record a particular share-based payment in the company's accounts and obliges by debiting as an expense the first relevant account and crediting the corresponding double-entry as a liability.
Which type of share-based payment has Mr. Rodgers recorded?

A) Equity-settled in the future
B) Equity-settled immediately
C) Neither cash nor equity-settled
D) Cash-settled immediately
E) Cash-settled in the future

4. EF have just paid a dividend of 20 cents a share and the current share price is $3.75. EF regularly reinvests 40% of its profit for the year and generates a return on reinvested funds of 12%.
The cost of equity for EF using the dividend valuation model is:

A) 12.9%
B) 13.2%
C) 10.7%
D) 10.4%

5. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
B) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
C) The cost of the mine will be increased by $1 million on 1 January 20X8.
D) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
E) The cost of the mine will be increased by $3 million on 1 January 20X8.
F) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.

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