CIMA F2 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Analysing financial statements | 25% | |
| Group accounts | 25% | |
| Integrated reporting and sustainability reporting | 10% | |
| Financial reporting standards | 25% | |
| Financing capital projects | 15% |
CIMA Advanced Financial Reporting Sample Questions:
Question #1
The following information relates to DEF for the year ended 31 December 20X7:
* Property, plant and equipment has a carrying value of $3,500,000 and a tax written down value of
$2,500,000.
* There are unused tax losses to carry forward of $1,250,000. These tax losses have arisen due to poor trading conditions which are not expected to improve in the foreseeable future.
* The corporate income tax rate is 25%.
In accordance with IAS 12 Income Taxes, the financial statements of DEF for the year ended 31 December 20X7 would recognise deferred tax balances of:
A. Option A
B. Option D
C. Option C
D. Option B
Question #2
LM acquired 15% of the equity share capital of ST on 1 January 20X6 for $18 million. LM acquired a further 50% of the equity share capital of ST for $50 million on 1 January 20X7 when the fair value of ST's net assets was $82 million. The original 15% investment in ST had a fair value of $20 million at 1 January 20X7. The non controlling interest in ST was measured at its fair value of $30 million at the date control in ST was acquired.
Calculate the goodwill arising on the acquisition of ST that LM included in its consolidated financial statements at 31 December 20X7.
Give your answer to the nearest $ million.
$ ? million
Question #3
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. $1,012,000
B. $1,065,600
C. $961,400
D. $958,400
Question #4
ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year's time.
These debentures cannot be traded. The yield to maturity on these debentures has been calculated at
5%.
Which of the following would explain why the yield to maturity is lower than the coupon?
A. The debentures will be redeemed at their par value.
B. The market value of the debentures must be higher than their par value.
C. ST will benefit from the tax relief on the interest payment.
D. The debentures will be redeemed at a discount to their par value.
Question #5
MN had the following profit figures for the year ended 30 November 20X6:
MN's statement of financial position at 30 November 20X6 included the following:
Calculate return on capital employed for MN for the year ended 30 November 20X6.
Give your answer to one decimal place.
? %
Solutions:
| Question #1 Correct Answer: A | Question #2 Correct Answer: Only visible for members | Question #3 Correct Answer: D | Question #4 Correct Answer: D | Question #5 Correct Answer: Only visible for members |
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