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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. DE acquired 10% of the equity shares of KL on 31 December 20X2.
A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

A) Goodwill being calculated at 1 January 20X4 for the first time.
B) A 50% non controlling interest will be shown in the consolidated financial statements.
C) Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
D) The 10% investment being revalued to fair value at 1 January 20X4.
E) Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
F) The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.

2. How would KL account for its investment in MN in its consolidated financial statements for the year to
31 December 20X9?

A) Financial asset
B) Joint arrangement
C) Joint venture
D) Subsidiary

3. Which of the following taken independently would explain the reduction in the profits as highlighted by the Chairman's press release?

A) Amortisation of development expenditure.
B) Extended credit terms to customers.
C) Staff training costs.
D) Installation costs of new equipment.

4. RS has issued an instrument with a nominal value of $1 million, at a discount of 2.5%, and a coupon rate of 6%. The terms of the issue are that the instrument must either be redeemed at par, at the option of the holder, in three years' time, or alternatively converted into equity shares in RS.
The characteristics of this instrument taken as a whole indicates that it would be classified as which of the following?

A) Debt instrument
B) Equity instrument
C) Discounted instrument
D) Compound instrument

5. The tax benefit on a company's asset is £180,000 and the useful life on that asset is five years. The company creates a deferred tax provision to spread this benefit over the asset's useful life.
What entry is needed to reduce this deferred tax provision in the company's year two accounts?

A) CR Deferred tax liability (SOFP) £36,000
B) CR Corporation tax (income statement) £144,000
C) DR Corporation tax (income statement) £144,000
D) DR Corporation tax (income statement) £36,000
E) DR Deferred tax liability (SOFP) £144,000
F) CR Corporation tax (income statement) £36,000
G) DR Deferred tax liability (SOFP) £36,000
H) CR Deferred tax liability (SOFP) £144,000

Solutions: