CIMA Advanced Financial Reporting - F2 certification

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. 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 20X4 an unused building was sold at a price in excess of its carrying value.
B) In 20X5 the increase in value of MNO's head office was reflected in the financial statements.
C) In 20X5 the average interest rate on borrowing decreased compared to 20X4.
D) In 20X4 an onerous contract was provided for and this provision did not change in 20X5.

2. GH issued a 6% debenture for $1,000,000 on 1 January 20X4. A broker fee of $50,000 was payable in respect of this issue. The effective interest rate associated with this debt instrument is 7.2%.
The carrying value of the debenture at 31 December 20X4 is:

A) $961,400
B) $1,012,000
C) $1,065,600
D) $958,400

3. When producing the consolidated statement of profit or loss and other comprehensive income, which TWO of the following will be disclosed as attributable to the equity holders of the parent company and the non-controlling interests?

A) Profit after tax
B) Operating profit
C) Profit before tax
D) Other comprehensive income
E) Total comprehensive income

4. XY puchased 2% of the equity shares of FG on 1 October 20X3.
XY paid $25,000 for the shares as well as a transaction cost of 2.5% of the purchase price.
The shares are being held for short term trading and XY intend to sell them in December 20X3.
At the year end of 31 October 20X3, the shares in FG could be sold for $28,000.
What is the journal entry to record the subsequent measurement for this investment at 31 October
20X3?

A) Debit investment in equity shares $3,000 and credit profit or loss $3,000.
B) Debit investment in equity shares $2,375 and credit profit or loss $2,375.
C) Debit investment in equity shares $2,375 and credit other reserves $2,375.
D) Debit investment in equity shares $3,000 and credit other reserves $3,000.

5. 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) A prepayment of $10,000 was recognised.
C) An accrual of $50,000 was recognised.
D) An expense of $50,000 was recognised.

Solutions: