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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

WX acquired 60% of the equity shares of CD on 1 January 20X3. WX sold 5% of the equity shares it held for $60,000 on 31 December 20X5. At that date the net assets of CD were $120,000 and the fair value of the non-controlling interest in CD was measured at $21,000. No goodwill arose on the original acquisition of CD.
When preparing its consoldiated financial statements, WX will process which of the following adjustments to its group retained earnings?

A. A debit of $54,000
B. A debit of $39,000
C. A credit of $54,000
D. A credit of $39,000

Question 2

CD acquired 100% of the equity share capital of FG for cash consideration of Kr1,200,000 on 1 January
20X7.
Retained earnings of FG at the date of acquisition was Kr800,000. CD operates from Country A and its functional and presentation currency is $. FG is located and trades throughout Country B and its functional currency is the Krona (Kr).
CD has no other subsidiaries. Goodwill had not suffered any impairment to date.
Summarised data from the statements of financial position for both entities at 31 December 20X7 is presented below:

Which of the following is the correct application of IAS 21 The Effects of Changes in Foreign Exchange Rates in translating FG's statement of financial position into the presentation currency of CD for consolidation purposes at 31 December 20X7?

A. * Goodwill at historic rate.
* Assets and liabilities at closing rate.
B. * Monetary assets and liabilities at historic rate.
* Non monetary assets and liabilities at closing rate.
C. * Monetary assets and liabilities at closing rate.
* Non monetary assets and liabilities at historic rate.
D. * Goodwill at closing rate.
* Assets and liabilities at closing rate.

Question 3

AB acquired an investment in a debt instrument on 1 January 20X5 at its nominal value of $25,000, which it intends to hold until maturity. The instrument carried a fixed coupon interest rate of 5%, payable in arrears. Transactions costs of $5,000 were paid in respect of this investment. The effective interest rate applicable to this instrument was estimated at 9%.
Calculate the value of this investment that AB will include in its statement of financial position at 31 December 20X5.
Give your answer to the nearest whole number.
$ ?

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

Question 5

GH is a listed entity which holds equity shares in one subsidiary and one associate.
Information extracted from the most recent financial statements is as follows:
What is the interest cover for the year?

A. 10.7 times
B. 8.5 times
C. 11.7 times
D. 9.6 times

Solutions: