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CIMA F2 Exam Dumps

CIMA F2 Exam Dumps

F2 Advanced Financial Reporting

Total Questions : 268
Update Date : March 26, 2024
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F2 Exam Dumps


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CIMA F2 Sample Questions

Question # 1

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



Question # 2

XYZ had 600,000 ordinary shares in issue on 1 July 20X4. On 1 January 20X5, the entity made a 1 for 2 bonus issue. The profit attributable to ordinary shareholders for the year ended 30 June 20X5 was $2,925,000. What is the basic earnings per share for the year ended 30 June 20X5?

A. $3.25
B. $4.88
C. $1.63
D. $3.90



Question # 3

On 1 January 20X1 KL acquired 75% of the equity shares of PQ. Goodwill arising on the acquisition was $480,000. On 31 December 20X3 KL sold the full investment of PQ to XY Group for $2,000,000. On this date the net assets of PQ were $1,340,000 and the noncontrolling interests stood at $410,000.What is the gain on disposal to be recognised in the consolidated statement of profit or loss of KL?

A. $590,000
B. $180,000
C. $660,000
D. $635,000



Question # 4

HJ is currently in dispute with an employee, who is claiming $400,000 in a legal case against them. HJ's legal advisors have stated that it is probable that they will lose the case and will have to pay the amount claimed. Also, HJ are claiming $250,000 from a supplier of defective goods and the legal advisors have stated that it is probable that HJ will be successfully this claim. What is the correct accounting treatment for these two items in HJ's financial statements?

A. Provide for the $400,000 potential outflow and disclose the $250,000 potential inflow.  
B. Provide for the $400,000 potential outflow and recognise the $250,000 potential inflow.  
C. Disclose the $400,000 potential outflow and disclose the $250,000 potential inflow.  
D. Disclose the $400,000 potential outflow and recognise the $250,000 potential inflow.  



Question # 5

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. $25,000
B. $125,000
C. $100,000
D. $0



Question # 6

ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves. ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition. At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount,with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.What is the value of retained earnings that will be presented in the consolidated statement of financial position of ST as at 31 December 20X5?

A. $9,685,000
B. $9,775,000
C. $9,715,000
D. $10,080,000



Question # 7

LM acquired 80% of the equity shares of ST when ST's retained earnings were $50 million. The fair value of the net assets of ST included a contingent liability with a fair value of $100 million at the date of acquisition and a fair value of $40 million at 31 December 20X6. No other fair value adjustments were required at the date of acquisition.LM and ST had retained earnings of $200 million and $80 million respectively at 31 December 20X6. The consolidated retained earnings of LM at 31 December 20X6 were: 

A. $164 million
B. $176 million
C. $272 million
D. $284 million



Question # 8

An entity undertakes an issue of new debt which has the effect of reducing the entity's weighted average cost of capital (WACC). Which of the following would best explain why the WACC will have fallen?

A. The entity was 100% equity financed prior to the issue of the debt.
B. The risk to the shareholders has reduced leading to a fall in the cost of equity.
C. The new debt is being used to replace existing debt that had a lower cost.
D. The new debt is being used to replace existing debt that had the same cost.



Question # 9

Which of the following actions should XY's management take in order to reduce its investment in working capital?

A. Sell its long-term investments and use the proceeds to reduce its bank overdraft.
B. Extend credit terms with its trade customers.
C. Scrap its obsolete inventory and replace with new inventory.
D. Pay trade suppliers more quickly to take advantage of prompt payment discounts.



Question # 10

Which of the following reduce the usefulness of ratio analysis when comparing entities that operate in the same industry?Select ALL that apply. 

A. The revenue figure being aggregated from many different activities and sources.  
B. Accounting estimates in respect of depreciation being different between entities.  
C. The effect of a material and unusual item being disclosed separately in the notes.  
D. An entity adopting a policy of revaluing its non current assets.  
E. Ratio calculations being based on historical information.  
F. Ratios being quick and easy to calculate.  



Question # 11

You are a Financial Controller at BCD and are in the process of preparing the year-end financial statements. A member of your finance team has come to see you about her provisions balance at year-end. She says that the Managing Director has asked her to increase the provisions balance by $1 million overall. She thinks this is because BCD has had a very good year in terms of profit, and the Managing Director wants to put some profit aside to protect against any future reductions in profit. $1 million is material to BCD. You believe that the provisions balance was fairly stated without the additional $1 million. Which TWO of the following would be appropriate actions in this scenario? 

A. Discuss the matter with the Finance Director as he is your immediate line manager.  
B. Speak to the Managing Director to explain that the level of provisions is governed by financial reporting standards.
C. Tell the member of your finance team to ignore the Managing Director and to leave the provisions balance as it was.
D. Contact the external auditors of BCD and tell them that the Managing Director wants to change the provisions balance
E. Speak to the shareholders at the upcoming annual general meeting about this issue.  




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