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CIMA Financial Reporting Sample Questions:

1. YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

A) A balancing charge of $1,500 reduces taxable profit.
B) A balancing charge of $1,500 increases taxable profit.
C) A balancing allowance of $1,500 increases taxable profit.
D) A balancing allowance of $1,500 reduces taxable profit.

2. TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A) The remaining balance on the revaluation surplus is transferred to retained earnings
B) The gain on disposal is recognised in other comprehensive income
C) The gam on disposal is recognised in the statement ot profit or loss
D) The property is depreciated based on its original cost up to the date ot disposal
E) The property is depreciated based on its revalued amount up to the date of disposal
F) The remaining balance on the revaluation surplus is transferred to the statement of profit or loss

3. The following information relates to a single asset:
*Original cost of $186,000
*Estimated residual value of $6,000
*Expected useful life of 10 years
*Accumulated depreciation at 31 December 20X5 of $66,960
*Annual depreciation rate of 20% on a reducing balance basis
Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6.
Give your answer to the nearest whole number.

4. Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.
What type of tax is this duty?

A) Ad valorem tax
B) Single-stage sales tax
C) Direct tax
D) Specific unit tax

5. ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

A) A balancing allowance of $800 will reduce taxable profits.
B) A balancing allowance of $800 will increase taxable profits.
C) A balancing charge of $800 will increase taxable profits.
D) A balancing charge of $800 will reduce taxable profits.

Solutions: