CIMA F2 pass test : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. Which THREE of the following would determine the functional currency of an overseas subsidiary in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates?

A) The currency which the parent company uses to present its financial statements.
B) The currency in which all non-current assets are purchased and recognised.
C) The currency which principally influences the choice of functional currency of the parent.
D) The currency that mainly influences labour, material and other costs.
E) The currency in which operating receipts are retained.
F) The currency which principally influences selling prices for goods and services.

2. On 1 January 20X1 KL acquired 75% of the equity shares of PQ. Goodwill arising on the acquisition was
$480,000. On 31 December 20X3 KL sold the full investment of PQ to XY Group for $2,000,000. On this date the net assets of PQ were $1,340,000 and the non-controlling interests stood at $410,000.
What is the gain on disposal to be recognised in the consolidated statement of profit or loss of KL?

A) $590,000
B) $635,000
C) $660,000
D) $180,000

3. JJ's current share price is $1.80, with a dividend of $0.20 a share just about to be paid.
Dividends have increased at an average annual growth rate of 4.5% and this is expected to continue into the future.
What is JJ's cost of equity?

A) 17.6%
B) 16.1%
C) 12.5%
D) 11.1%

4. PQ and WX are similar sized entities and operate in the same industry within Country X . Both operate from a single warehouse and have similar levels of non current asset resources.
The following ratios have been calculated at 31 October 20X8:

If considered individually, which of the following would limit the usefulness of these ratios in assessing the comparative financial performances of PQ and WX?

A) Depreciation of warehouses being charged to cost of sales by PQ and distribution costs by WX.
B) Increased prices for raw materials, which was passed on to customers by both entities.
C) Operating lease rentals for plant and equipment being charged to administration expenses by PQ and distribution costs by WX.
D) Year end review of equipment resulting in WX charging an impairment loss while PQ's equipment is not impaired.

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

Solutions: