CIMA F2 test insides dumps : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. Which THREE of the following statements are true in relation to financial assets designated as fair value through profit or loss under IAS 39 Financial Instruments: Recognition and Measurement?

A) The gain or loss on the subsequent measurement of these assets is recorded within profit for the year.
B) Once the asset has been subsequently measured to fair value an impairment review is undertaken.
C) Transaction costs in relation to these assets are added to the initial cost of the asset on acquisition.
D) Transaction costs in relation to these assets are expensed to profit or loss on acquisition.
E) The gain or loss on the subsequent measurement of these assets is recorded within other comprehensive income.
F) Shares in another entity held for short term trading purposes fall within this category.

2. A group presents its financial statements in A$.
The goodwill of its only foreign subsidiary was measured at B$100,000 at acquisition. There have been no impairments to this goodwill.
Exchange rates (where A$/B$ is the number of B$'s to each A$) are as follows:
The value of goodwill to be included in the group's statement of financial position in respect of its foreign subsidiary for the year ended 31 December 20X4 is:

A) A$132,000.
B) A$66,667.
C) A$75,758.
D) A$150,000.

3. XY owned 80% of the equity share capital of AB at 1 January 20X5. XY disposed of 20% of AB's equity share capital on 31 December 20X5 for $200,000. The non controlling interest was measured at
$140,000 immediately prior to the disposal.
What was the amount of the credit to retained earnings that XY will process in respect of this disposal when it prepares its consolidated financial statements at 31 December 20X5?

A) $60,000
B) $80,000
C) $200,000
D) $140,000

4. FG granted share options to its 500 employees on 1 August 20X0. Each employee will receive 1,000 share options provided they continue to work for FG for the four years following the grant date. The fair value of the options at the grant date was $1.30 each. In the year ended 31 July 20X1, 20 employees left and another 50 were expected to leave in the following three years. In the year ended 31 July 20X2, 18 employees left and a further 30 were expected to leave during the next two years.
The amount recognised in the statement of profit or loss for the year ended 31 July 20X1 in respect of these share options was $139,750.
Calculate the charge to FG's statement of profit or loss for the year ended 31 July 20X2 in respect of the share options.

A) $293,800
B) $141,050
C) $280,800
D) $154,050

5. XY has a weighted average cost of capital (WACC) of 12%. The debt:equity ratio is 1:3 and this is considered low for the industry. XY needs to raise finance to purchase new machinery in the coming year.
Which of the following forms of finance is most likely to increase the WACC?

A) Rights issue of equity shares
B) 6% bank loan
C) Finance lease
D) 8% preference shares

Solutions: