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CIMA F2 Exam Dumps
F2 Advanced Financial Reporting
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CIMA F2 Sample Questions
Question # 1The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following: What is VW's interest cover for the year ended 30 September 20X7?
A. 4.5
B. 3.3
C. 4.1
D. 5.1
Question # 2
What is the total comprehensive income attributable to the non-controlling interest that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?
A. $95,000
B. $595,000
C. $575,000
D. $190,000
Question # 3
AB acquired 10% of the equity share capital of XY on 1 January 20X7 for $180,000 whenthe fair value of XY's net assets was $190,000. On 1 January 20X9 AB purchased afurther 50% of the equity share capital for $550,000 when the fair value of XY's net assetswas $820,000.The original 10% investment had a fair value of $200,000 at the date control of XY wasgained. The noncontrolling interest in XY was measured at its fair value of $300,000 at 1January 20X9.Which of the following represents the correct value of goodwill arising on the acquisition ofXY that would have been included by AB when it prepared its consolidated financialstatements at 31 December 20X9?
A. $230,000
B. $30,000
C. $210,000
D. $40,000
Question # 4
AB and EF are forecasting revenues of S1,500,000 and $700,000 respectively for the year ended 31 October 20X5. AB's Finance Director met with one of the directors of EF to discuss the potential impact of theacquisition. Which of the director's statements below is correct?
A. The P/E ratio of EF will increase to 12 after acquisition in line with that of AB.
B. The gross profit margin of EF will increase if AB's bargaining power is used to negotiatelower material costs for the whole group.
C. Redundancy costs arising from reorganisation following acquisition will be provided forby charging EF's profit for the year ended 31 October 20X4.
D. Dividend yield for both entities will be identical after the acquisition.
Question # 5
MNO has calculated its return on capital employed ratio for 20X4 and 20X5 as 41% and 56% respectively. Taking each statement in isolation, which would explain the movement in the ratio between the 2 years?
A. In 20X5 the average interest rate on borrowing decreased compared to 20X4.
B. In 20X4 an onerous contract was provided for and this provision did not change in 20X5.
C. In 20X5 the increase in value of MNO's head office was reflected in the financialstatements.
D. In 20X4 an unused building was sold at a price in excess of its carrying value.
Question # 6
JKL measure gearing as debt:equity, based on book values. At 31 December 20X5 the ratio is 2:3 and JKL would like this to be 2:5.Which of the following transactions individually would achieve this?
A. Bonus issue from the share premium account.
B. Revaluation of investment property to an increased fair value.
C. Repayment of a 6 year term loan with the issue of 5 year redeemable debentures.
D. Issue of redeemable preference shares at par.
Question # 7
LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8. Under the terms of the agreement, LM paid nothing for the first year and then made four payments of $50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?
A. An accrual of $40,000 was recognised.
B. An accrual of $50,000 was recognised.
C. A prepayment of $10,000 was recognised.
D. An expense of $50,000 was recognised.
Question # 8
Entity A entered into a 3 year operating lease on 1 April 20X3. The rentals are £5,000 a year payable in advance with an additional payment of $1,800 payable on 1 April 20X3. The rental expense to be included in the statement of profit or loss for the year ended 31 December 20X3 will be:
A. $4,200
B. $5,000
C. $6,800
D. $5,600
Question # 9
RS has issued an instrument with a nominal value of $1 million, at a discount of 2.5%, and a coupon rate of 6%. The terms of the issue are that the instrument must either be redeemed at par, at the option of the holder, in three years' time, or alternatively converted into equity shares in RS. The characteristics of this instrument taken as a whole indicates that it would be classifedas which of the following?
A. Compound instrument
B. Debt instrument
C. Equity instrument
D. Discounted instrument
Question # 10
UV has raised $100,000 through the issue of two irredeemable financial instruments:The corporate income tax rate is 20% What is the post tax cost of debt for each of these instruments?
A. 6% debentures with a current market value of $101.50 per $100 nominal value; and
B. 8% preference shares with a current share price of $2.20 each
Question # 11
DE acquired 10% of the equity shares of KL on 31 December 20X2. A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4. Which THREE of the following would be part of the process for recording the second purchase of shares?
A. The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
B. The 10% investment being revalued to fair value at 1 January 20X4.
C. Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
D. Goodwill being calculated at 1 January 20X4 for the first time.
E. Net assets at 1 January 20X4 being compared to the purchase consideration and atransfer to equity made.
F. A 50% non controlling interest will be shown in the consolidated financial statements.
Question # 12
GH granted 100 share options to each of its 1,000 employees on 1 January 20X8. The fairvalue of each option was $7 on 1 January 20X8 and had risen to $8 at 31 December 20X8.Which of the following statements represents the treatment that GH adopted to account forthe related expense of these share options in its financial statements for the year ended 31December 20X8, in accordance with IFRS 2 Share-based Payments?
A. The expense was measured using the fair value of $7 and the credit entry was to equity.
B. The expense was measured using the fair value of $7 and the credit entry was to
liabilities.
C. The expense was measured using the fair value of $8 and the credit entry was to equity.
D. The expense was measured using the fair value of $8 and the credit entry was to
liabilities.
Question # 13
The yield to maturity of a redeemable bond is calculated as the internal rate of return of therelevant cash flows associated with the bond.Which TWO of the following are considered relevant cash flows in this calculation?
A. The annual interest payments net of tax relief.
B. The redemption value of the bond at the date of redemption.
C. The market value of the bond now.
D. The nominal value of the bond now.
E. The value of the conversion premium on conversion to equity shares.