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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

MN had the following profit figures for the year ended 30 November 20X6:
MN's statement of financial position at 30 November 20X6 included the following:

Calculate return on capital employed for MN for the year ended 30 November 20X6.
Give your answer to one decimal place.
? %

Question 2

Which of the following are limitations of financial statement figures for ratio analysis? Select the ALL that apply.

A. Limited information to identify trends over time
B. Only provides forecast data
C. Provide only summarised information
D. Contains complicated information that needs to be summarised
E. Only provides financial information
F. Only provides historic data

Question 3

LM acquired 15% of the equity share capital of ST on 1 January 20X6 for $18 million. LM acquired a further 50% of the equity share capital of ST for $50 million on 1 January 20X7 when the fair value of ST's net assets was $82 million. The original 15% investment in ST had a fair value of $20 million at 1 January 20X7. The non controlling interest in ST was measured at its fair value of $30 million at the date control in ST was acquired.
Calculate the goodwill arising on the acquisition of ST that LM included in its consolidated financial statements at 31 December 20X7.
Give your answer to the nearest $ million.
$ ? million

Question 4

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

Question 5

ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year's time.
These debentures cannot be traded. The yield to maturity on these debentures has been calculated at
5%.
Which of the following would explain why the yield to maturity is lower than the coupon?

A. The debentures will be redeemed at their par value.
B. ST will benefit from the tax relief on the interest payment.
C. The market value of the debentures must be higher than their par value.
D. The debentures will be redeemed at a discount to their par value.

Solutions: