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Updated: Jun 01, 2026
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CIMA Financial Reporting Sample Questions:
1. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?
A) Carry the trading loss backwards against trading profits in previous periods.
B) Offset the trading loss against group entity profits.
C) Offset the trading loss against capital gams in previous periods
D) Offset The trading loss against its trading profits in future periods
2. For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.
Which of the following conditions would give exemption from preparing consolidated financial statements?
A) The parent's securities are publicly traded.
B) All of the parent's subsidiaries are in one country.
C) The parent is a wholly owned subsidiary of another entity.
D) The parent is in the process of issuing securities in a public securities market.
3. Which of the following is an effect of using equity accounting to include an entity in the consolidated statement of financial position of a group?
A) A single figure is included in net assets which is the sum of the initial cost of investment in the investee entity plus the group share of all changes in net assets since acquisition.
B) The group share of each asset and liability of the investee entity is included with the investing entity's balances.
C) 100% of each asset and liability of the investee entity is included with the investing entity's balances.
D) The investment in the investee entity is included in non-current assets at cost to the investing entity.
4. BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000.
The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years.
The residual value remains unchanged at $2,000.
What is the depreciation charge for this plant for the year ended 31 December 20X8?
Give your answer to the nearest $.
5. Which of the following is not a possible tax rate structure?
A) Progressive
B) Proportional
C) Regressive
D) Direct
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: Only visible for members | Question # 5 Answer: D |
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