CIMA F2 : Advanced Financial Reporting

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CIMA Advanced Financial Reporting Sample Questions:

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

2. GH is a listed entity which holds equity shares in one subsidiary and one associate.
Information extracted from the most recent financial statements is as follows:
What is the interest cover for the year?

A) 8.5 times
B) 10.7 times
C) 11.7 times
D) 9.6 times

3. The directors of AB want to reduce the entity's gearing ratio in the year to 31 December 20X9.
Which of the following independent actions could the directors take during 20X9 to achieve this?

A) Switch AB's fixed interest bearing borrowing to a lower variable rate borrowing.
B) Issue cumulative preference shares.
C) Issue redeemable preference shares.
D) Recognise the valuation surplus on AB's property, plant and equipment.

4. The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:
What is VW's interest cover for the year ended 30 September 20X7?

A) 3.3
B) 4.5
C) 5.1
D) 4.1

5. LM is a car dealer that is supplied inventory by car manufacturer SQ. Trading between LM and SQ is subject to a contractual agreement. This agreement states the following:
* Legal title of the cars remains with SQ until they are sold by LM to a third party.
* Upon notification of sale to a third party by LM, SQ raises an invoice at the price agreed at the original date of delivery to LM.
* LM has the right to return any car at any time without incurring a penalty.
* LM is responsible for insuring all of the cars on its property.
When considering how these cars should be accounted for, which THREE of the following statements are true?

A) SQ should recognise revenue when the cars are delivered to LM.
B) SQ should recognise the cars as inventory in their financial statements.
C) LM should recognise the cars as inventory in their financial statements.
D) When LM sells a car to a third party, SQ should recognise the revenue associated with that sale.
E) The most significant risks attached to the cars are held by SQ.
F) The most significant risks attached to the cars are held by LM.

Solutions: