CIMA F2 : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question #1
LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8.
Under the terms of the agreement, LM paid nothing for the first year and then made four payments of
$50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.
Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?

A. An accrual of $50,000 was recognised.
B. A prepayment of $10,000 was recognised.
C. An expense of $50,000 was recognised.
D. An accrual of $40,000 was recognised.

Question #2
LK acquired 100% of the equity shares of TU on 1 January 20X4. LK disposed of 60% of TU for £2,400,000 on 30 September 20X4. The sale proceeds reflected the fair value of TU's shares on that date.
The remaining 40% shareholding gave LK the ability to exercise significant influence over the activities of TU. TU reported profit of $1,800,000 for the year ended 31 December 20X4 and this accrued evenly throughout the year.
Calculate the investment in associate that will be presented in LK's consolidated statement of financial position as at 31 December 20X4.
Give your answer to the nearest whole $'000.
$ 000

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 non-controlling 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. $660,000
B. $635,000
C. $180,000
D. $590,000

Question #4
Which of the following defines the calculation of interest cover?

A. Finance costs divided by profit before interest and tax
B. Profit before interest and tax divided by finance costs
C. Profit after tax divided by finance costs
D. Finance costs divided by profit after tax

Question #5
GH granted 100 share options to each of its 1,000 employees on 1 January 20X8. The fair value of each option was $7 on 1 January 20X8 and had risen to $8 at 31 December 20X8.
Which of the following statements represents the treatment that GH adopted to account for the related expense of these share options in its financial statements for the year ended 31 December 20X8, in accordance with IFRS 2 Share-based Payments?

A. The expense was measured using the fair value of $7 and the credit entry was to liabilities.
B. The expense was measured using the fair value of $8 and the credit entry was to equity.
C. The expense was measured using the fair value of $8 and the credit entry was to liabilities.
D. The expense was measured using the fair value of $7 and the credit entry was to equity.

Solutions: