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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. XY's investments enable it to exercise control over AB and have significant influence over FG and JK.
The Managing Director of XY is a non-executive director of LM. XY does not hold any investment in LM.
XY is preparing its consolidated financial statements for the year ended 30 September 20X9.
Which of the following transactions during the year will be disclosed in these financial statements in accordance with IAS 24 Related Party Disclosures?

A) Sale of goods with a trade discount to a major customer of XY.
B) Sale of goods from FG to JK at their current market value.
C) Sale of a motor vehicle from XY to a Director of AB's spouse at its current market value.
D) Sale of non current assets from XY to LM at their current market value.

2. YZ issued $100,000 6% convertible bonds at par on 1 January 20X5. The bondholders have the option to convert into equity shares in 3 years' time or redeem at par for cash on the same date.
Interest is paid annually in arrears and bonds issued by similar entities without conversion rights pay interest at 8%.
What is the value of equity to be recognised in YZ's statement of financial position as at 31 December
20X5?
Give your answer to the nearest whole $.
$?

3. EFG is preparing its financial statements to 31 March 20X8. During the year ended 31 March 20X7, EFG purchased a piece of land for $1 million which is used as the staff car park. EFG has a policy of revaluing land, in accordance with International Accounting Standards, and at 31 March 20X8, accounted for a substantial increase in its value.
Revenue and operating profit has remained constant over the 2 years.
When comparing EFG's financial statements for the year ended 31 March 20X7 with those of 20X8, which THREE of the following would be expected?

A) Decrease in return on capital employed.
B) Increase in net asset turnover.
C) Decrease in net asset turnover.
D) Increase in profit before tax.
E) Increase in return on capital employed.
F) Increase in other comprehensive income.

4. AB's financial information shows that the non current assets' carrying value is greater than the tax base at the year end.
What is the journal entry to record the movement in the provision for deferred tax resulting from this difference?

A) Dr Other comprehensive incomeCr Deferred tax provision
B) Dr Deferred tax provisionCr Tax expense
C) Dr Tax expenseCr Deferred tax provision
D) Dr Deferred tax provisionCr Other comprehensive income

5. The following is extracted from MN's statement of financial position at 30 September 20X1.

Calculate the gearing (measured as debt:equity) ratio of MN at 30 September 20X1.
Give your answer to one decimal place.
%

Solutions: