CIMA Management F2

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

On 30 November 20X9 OPQ acquires a financial asset that is classified as Available for Sale.
Which of the following describes the value of the financial asset on the date of acquisition?

A. Fair value including transaction costs.
B. Fair value excluding transaction costs.
C. Present value excluding transaction costs.
D. Present value including transaction costs.

Question 2

On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:
Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A. Increase in the deferred tax asset.
B. Increase in the deferred tax liability.
C. Decrease in the deferred tax asset.
D. Decrease in the deferred tax liability.

Question 3

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 4

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

Question 5

AB acquired its subsidiary on 1 January 20X7 when the fair value of net assets was the same as book value with the exception of property, plant and equipment that had a fair value $500,000 higher than carrying value.
These assets were assessed to have a remaining useful life of 5 years from the date of acquisition.
What is the net consolidation adjustment to the property, plant and equipment balance at 31 December
20X9?
Give your answer to the nearest whole number (in '$000s).
$?

Solutions: