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CIMA F2 Exam Questions

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F2 Advanced Financial Reporting

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CIMA F2 Practice Test Questions ( Updated) – Real Exam Questions & Dumps PDF

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CIMA F2 Sample Questions – Free Practice Test & Real Exam Prep

Question #1

GH acquired 3,000,000 of the 12,000,000 equity shares of JK. All shares carried equal voting rights and no other single shareholder of JK held more than 10% of the equity shares. GH has the power to participate in the financial and operating policy decisions but Based on the information provided above, how would GH's investment in JK be accounted for in its consolidated financial statements?

  • A. Associate
  • B. Joint venture
  • C. Joint arrangement
  • D. Financial asset
Answer: A
Question #2

FG has a weighted average cost of capital of 12% based on its existing: • level of gearing of 30% (measured as debt/(debt + equity)); and • business operations. This would be used as an appropriate discount factor to assess which of the following significantprojects?

  • A. A project in an industry in which FG does not currently operate, funded wholly by equity.  
  • B. A project to extend FG's existing operations, funded wholly by debt.  
  • C. A project in an industry in which FG does not currently operate, funded 30% with debt and 70% with equity. 
  • D. A project to extend FG's existing operations, funded 30% with debt and 70% with equity.  
Answer: D 
Question #3

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 excluding transaction costs.  
  • B. Fair value including transaction costs.  
  • C. Present value including transaction costs.  
  • D. Present value excluding transaction costs.  
Answer: B 
Question #4

XY purchased $100,000 of quoted 8% bonds in the current year which it intends to hold until redemption. Which of the following identifies the correct classification and subsequent measurement basis for this financial instrument?

  • A. A loans and receivables financial asset subsequently measured at fair value with gains and losses in reserves. 
  • B. A held to maturity financial asset subsequently measured at amortised cost.  
  • C. A loans and receivables financial asset subsequently measured at amortised cost.  
  • D. A held to maturity financial asset subsequently measured at fair value with gains and losses in reserves
Answer: B 
Question #5

AB sold the majority of its operating equipment to LM for cash on 30 December 20X9 and then immediately leased it back under an operating lease. AB used the cash proceeds from the sale to reduce its long term borrowings significantly. No early repayment charge was levied by the lender. Which of the following statements is true in respect of AB's ratios calculated at 31 December 20X9?

  • A. AB's return on capital employed would be lower as a result of this sale being recorded.
  • B. AB's current ratio would be lower as a result of this sale being recorded.
  • C. AB's non-current asset turnover would be lower as a result of this sale being recorded.
  • D. AB's gearing ratio would be lower as a result of this sale being recorded.
Answer: D
Question #6

AB acquired a financial investment on 1 January 20X9, incurring $5,000 related agency fees. AB initially classified the investment as held for trading, in accordance with IAS 32 Financial Instruments: Presentation. Which of the following statements reflects the accounting treatment that AB adopted in respect of this investment when it prepared its financial statements to 31 December 20X9?

  • A. Agency fees were recorded as an expense and the gain/loss on the remeasurement of the investment at the year end was recorded in profit or loss for the year. 
  • B. Agency fees were recorded as an expense and the gain/loss on the remeasurement of the investment at the year end was recorded in other comprehensive income
  • C. Agency fees were added to the cost of the investment and the gain/loss on the remeasurement of the investment at the year end was recorded in profit or loss for the year
Answer: A 
Question #7

EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position. EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8. Which THREE of the following describe how the cost of the reinstatement of the site shouldbe treated in the financial statements of EF in the year ended 31 December 20X8?

  • A. The cost of the mine will be increased by $1 million on 1 January 20X8.
  • B. The cost of the mine will be increased by $3 million on 1 January 20X8.
  • C. There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
  • D. There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
  • E. Only the cost of the site preparation will be depreciated over the mine's useful economic life.
  • F. Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.
Answer: A,D,F
Question #8

A group presents its financial statements in A$. The goodwill of its only foreign subsidiary was measured at B$100,000 at acquisition. There have been no impairments to this goodwill. Exchange rates (where A$/B$ is the number of B$'s to each A$) are as follows: The value of goodwill to be included in the group's statement of financial position in respect of its foreign subsidiary for the year ended 31 December 20X4 is:

  • A. A$75,758.
  • B. A$66,667.
  • C. A$150,000.
  • D. A$132,000.
Answer: A
Question #9

Which of the following actions would be most likely to improve an entity's gross profit margin?

  • A. Negotiating with trade suppliers for a bulk purchase discount
  • B. Offering increased credit to customers
  • C. Reducing administrative expenses by 10%
  • D. Writing down the value of obsolete inventories
Answer: A
Question #10

AB and CD are separate entities that prepare financial statements to 31 May using international accounting standards. AB and CD provide technical support services to the financial services industry and operate in the same country. The financial statements are identical except for the following: • AB purchased all operating equipment, paying $100,000, using a 5 year bank loan. The useful life of the equipment was 5 years. • CD signed an operating lease agreement for all operating equipment for 5 years paying $20,000 per year. Both entities charge all expenses relating to the equipment to cost of sales. From the information provided, which ofthe following ratios would be reliably comparable for AB andCD?

  • A. Gross profit margin
  • B. Return on capital employed
  • C. Non current asset turnover
  • D. Profit before tax margin
Answer: A
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