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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. Which of the following principles are the basic principles followed by the consolidated income statement?
Select ALL that apply.

A) Include investment income from subsidiary to parent (e.g. dividend payments or loan interest)
B) After profit for the period, show the profit split between amounts attributable to the parent's shareholders and other shareholders
C) Include all of the parent's income and expenses minus all of the subsidiaries' income and expenses
D) Include all of the parent's income and expenses plus all of the subsidiaries' income and expenses
E) Ignore investment income from subsidiary to parent (e.g. dividend payments or loan interest)

2. AB and EF are located in the same country and prepare their financial statements to 31 October in accordance with International Accounting Standards. EF supplies AB with a component that is vital to AB's product range. AB is considering acquiring a controlling interest in EF by 31 December 20X4 in order to guarantee future supply. The Board of EF has indicated that such an approach would be postively considered. AB would use its control to make AB the sole customer of EF.
The Finance Director of AB has been granted access to EF's management accounts and has conducted some initial analysis from the financial press. The results togther with comparisons for AB for the year to
31 October 20X4 are presented below:

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 the acquisition.
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) Redundancy costs arising from reorganisation following acquisition will be provided for by charging EF's profit for the year ended 31 October 20X4.
C) Dividend yield for both entities will be identical after the acquisition.
D) The gross profit margin of EF will increase if AB's bargaining power is used to negotiate lower material costs for the whole group.

3. 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 expense of $50,000 was recognised.
B) An accrual of $50,000 was recognised.
C) An accrual of $40,000 was recognised.
D) A prepayment of $10,000 was recognised.

4. FG has a weighted average cost of capital of 12% based on its existing:
* level of gearing of 30% (measured as debt/(debt + equity)); and
* business operations.
This would be used as an appropriate discount factor to assess which of the following significant projects?

A) A project in an industry in which FG does not currently operate, funded 30% with debt and 70% with equity.
B) A project to extend FG's existing operations, funded 30% with debt and 70% with equity.
C) A project to extend FG's existing operations, funded wholly by debt.
D) A project in an industry in which FG does not currently operate, funded wholly by equity.

5. Which THREE of the following would typically indicate a finance lease?

A) The lessee has the option to buy the asset at the end of the lease for $1.
B) An asset with a useful life of ten years is being leased for ten years.
C) A leased asset has been specifically modified for the lessee's use.
D) The lessor is responsible for the annual maintenance of the asset.
E) The lease contract for an asset includes an upgrade to the asset every two years.

Solutions: