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CIMA Fundamentals of Financial Accounting Sample Questions:

1. A company uses the straight line method of depreciation for its plant and machinery. Depreciation is at a rate of 20% per annum.
A major item of machinery was purchased in 2003 at a cost of $240,000. At the time, it was estimated that the plant had an estimated useful life of five years and a residual value at the end of its useful life of $20,000.
As a result of rapid changes in technology it was decided to sell the machinery in 2006 for $80,000. It is the company's policy to charge a full year's depreciation in the year of acquisition and none in the year of disposal.
What was the profit/loss arising on the disposal of the asset?

A) $28,000 loss
B) $16,000 profit
C) $8,000 loss
D) $36,000 profit

2. Refer to the exhibit.

The following is an extract from the trial balance of a business for its most recent year:
Net profit before tax has already been calculated as being £27m. Income tax of £5m is to be provided, and a final dividend of 30p per share is declared.
Using some or all of the figures above, the correct figure of retained profit for the year is

3. Which of the following are likely examples of accrued expenses:

A) Water bill
B) Electricity bill
C) Interest on loans
D) Sales tax
E) Purchase order

4. Which of the following is an error of principle?

A) Using the wrong amount when recording a transaction
B) Recording a transaction in the wrong ledger account
C) A transaction recorded twice in the ledger accounts
D) Recording a transaction in the wrong type of account

5. Refer to the Exhibit.

A club receives the following fees in its first two years of operations:
Entrance fees are to be recognized over a period of 5 years while life membership fees are to be credited over a period of 10 years.
The total amount of fees which will be recognized in the income and expenditure account for each of the two years is:

A) Year 1 - £27000 Year 2 - £45500
B) Year 1 - £36000 Year 2 - £49000
C) Year 1 - £27000 Year 2 - £38500
D) Year 1 - £27000 Year 2 - £44500

Solutions: