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CIMA Financial Reporting Sample Questions:

1. In most developed countries employers deduct the tax from employees' pay each month and then pay the tax to the tax authorities on behalf of the employee on a monthly basis.
Which THREE of the following are advantages of this system to the employee?

A) The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.
B) The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.
C) Most of the administration costs are borne by the employees.
D) There is less chance of interest and penalties being levied on the employee by the tax authorities.
E) The tax is collected earlier than systems that assess earnings at the end of the year.

2. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?
Give your answer to the nearest $ million.

3. The Conceptual Framework for Financial Reporting issued by the International Accounting Standards Board (known as the IASB's conceptual framework) includes one underlying assumption about the preparation of financial statements and two fundamental qualitative characteristics for financial information.
Identify the underlying assumption and one of the fundamental characteristics by placing one of the options in each of the boxes below.

4. Which of the following is an example of a progressive tax?

A) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000
B) Corporate income tax of 20% on all earnings
C) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001
D) Personal income tax of 10% and corporate income tax of 20%

5. Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?

A) Most of the administrative costs of collecting the tax are borne by the tax authority
B) The government can budget its cash flows more easily.
C) The tax is paid after the employee completes a tax return.
D) The tax authority deals directly with the employees rather than the employers.
E) The risk of employees defaulting on the payment of tax due is reduced

Solutions: