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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. GG's gearing is currently 50% compared to the industry average of 40% (both measured as debt/equity).
GG's debt is all in the form of a single bank loan that is repayable in five years' time. The directors of GG are seeking to raise finance for a new project and they are considering an additional bank loan from the same bank.
Which of the following would prevent the bank from lending the finance for the project in the form of a new bank loan?

A) A projected lack of profits to be able to claim tax relief on the additional interest arising from the new loan.
B) The revaluation of GG's property that shows an increase in its value since the existing bank loan was taken out.
C) A projected decrease in interest cover that would breach a covenant on the existing loan.
D) A covenant on the existing bank loan that restricts the level of dividend that can be paid.

2. Which of the following, in accordance with IFRS 2 Share-based Payments, are only applicable to the accounting treatment of cash settled rather than equity settled share-based payment schemes?
Select ALL that apply.

A) The instruments in the scheme are remeasured at the end of each financial year to fair value.
B) The expense of the scheme is spread to profit or loss over the vesting period.
C) The credit entry in the financial statements is to liabilities.
D) The credit entry in the financial statements is to equity.
E) The instruments in the scheme are measured at the fair value at the grant date of the scheme.

3. On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:

Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A) Increase in the deferred tax asset.
B) Increase in the deferred tax liability.
C) Decrease in the deferred tax liability.
D) Decrease in the deferred tax asset.

4. What figure will be presented in GHI's consolidated statement of changes in equity for the year ended
31 December 20X4, in respect of dividends paid to non-controlling interest?

A) $125,000
B) $0
C) $25,000
D) $100,000

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

Solutions: