CIMA F2 : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. GG's gearing is currently 50% compared to the industry average of 40% (both measured as debt/equity).
GG's debt is all in the form of a single bank loan that is repayable in five years' time. The directors of GG are seeking to raise finance for a new project and they are considering an additional bank loan from the same bank.
Which of the following would prevent the bank from lending the finance for the project in the form of a new bank loan?

A) A covenant on the existing bank loan that restricts the level of dividend that can be paid.
B) The revaluation of GG's property that shows an increase in its value since the existing bank loan was taken out.
C) A projected decrease in interest cover that would breach a covenant on the existing loan.
D) A projected lack of profits to be able to claim tax relief on the additional interest arising from the new loan.

2. UV entered into a five year non-cancellable operating lease for an asset two years ago. Lease payments are settled annually in arrears.
At the year end, UV no longer requires this leased asset as they have decided to discontinue the product line that it was used for.
At this date UV had made two out of the five lease payments.
Which of the following statements about the unavoidable lease payments is true in accordance with IAS
37 Provisions, Contingent Liabilities and Assets?

A) The amount of the unavoidable lease payments should be ignored in the financial statements.
B) A provision should be recognised for the unavoidable lease payments with a corresponding charge to profit or loss.
C) A provision should be recognised for the unavoidable lease payments with a corresponding charge to other comprehensive income.
D) The amount of the unavoidable lease payments should be disclosed in the financial statements with no corresponding accounting entry.

3. ST owns 75% of the equity share capital of GH. GH owns 80% of the equity share capital of RS.
The following balances relate to RS:

The non controlling interest in respect of RS had a fair value of $56,000 at acquisition. There has been no impairment to goodwill since acquisition.
What value should be included in ST's consolidated statement of financial position for the non controlling interest in RS at 31 December 20X9?

A) $116,000
B) $86,000
C) $146,000
D) $93,500

4. 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) Finance lease
C) 8% preference shares
D) 6% bank loan

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

Solutions: