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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. ST acquired 80% of the equity shares of AB on 1 January 20X7. AB acquired 60% of the equity shares of UV on 1 January 20X8. Profit for the year ended 31 December 20X9 for AB is $160,000 and for UV is
$100,000.
Calculate the non-controlling interest figure to be included within ST's consolidated statement of profit or loss for the year ended 31 December 20X9.
Give your answer to the nearest whole number in $000s.
$ ?

2. An accountant acting under their Code of Ethics would do which THREE of the following?

A) Accept a recommendation from the audit committee to increase segregation of duties within the finance department.
B) Make a provision for a liability of uncertain timing or amount, requested by the directors, where there is NOT a present obligation.
C) Accept a director's instruction to remove one element of their remuneration from the directors' remuneration report.
D) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
E) Report material conflicts of interest to a more senior level.
F) Reject a justified change to a depreciation policy that increases profitability.

3. ST has sold its main office property, which had a carrying value of $360,000, to AB, a property management entity.
The property was sold for $400,000 which is equal to its fair value and was immediately leased back under an operating lease agreement.
Which of the following journals will record this transaction?

A) Option B
B) Option A
C) Option C
D) Option D

4. XY acquired 75% of the equity shares of LM on 31 December 20X3. LM acquired 60% of the equity shares of JK on 31 December 20X4 for $950,000. XY measured the non controlling interest in JK at the date of acquisition using the proportionate share of the fair value of the net assets acquired.
The fair value of JK's net assets was $850,000 at 31 December 20X4.
What is the value of goodwill that XY will include in its consolidated statement of financial position at 31 December 30X4 in respect of JK as a result of gaining indirect control?

A) $330,000
B) $567,500
C) $440,000
D) $202,500

5. JK is seeking to raise finance for a project and the directors would prefer to take out a fixed rate bank loan repayable over the next 5 years. The project will increase the profit of JK even after taking into account the additional interest costs.
Which of the following statements about the use of a bank loan in this situation is true?

A) Because the assets of a business belong to the equity shareholders, a bank loan should NOT be secured on the assets of the business.
B) In the long term servicing a bank loan is more expensive than servicing equity shares due to the higher risk for the lender.
C) The interest on a bank loan is deducted from profit before dividends can be declared to equity shareholders each year.
D) A bank loan has high issue costs compared to an issue of equity shares because it takes longer to arrange.

Solutions: