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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. MNO has calculated its return on capital employed ratio for 20X4 and 20X5 as 41% and 56% respectively.
Taking each statement in isolation, which would explain the movement in the ratio between the 2 years?

A) In 20X4 an unused building was sold at a price in excess of its carrying value.
B) In 20X5 the increase in value of MNO's head office was reflected in the financial statements.
C) In 20X5 the average interest rate on borrowing decreased compared to 20X4.
D) In 20X4 an onerous contract was provided for and this provision did not change in 20X5.

2. KL sells luxury leather handbags and has 3 stores in exclusive shopping areas. Following years of static revenues and margins, in August 20X6 KL opened a fourth store at a busy airport terminal which is proving to be successful.
The revenue and gross profit of KL for the years ended 31 March 20X7 and 20X6 are as follows:

Which of the following would be a contributing factor to the movement in the gross profit margin of KL?

A) KL locating a new supplier closer to the warehouse, reducing distribution costs.
B) KL locating a new supplier prepared to supply handbags at a cheaper price.
C) The opportunity to sell handbags in the airport store at a premium price.
D) A worldwide shortage of leather resulting in increased prices from suppliers.

3. AB and CD are competitors supplying components to the car manufacturing industry. AB operates in Country X and CD operates in Country Y.
Both entities were incorporated on the same day, are the same size and prepare financial statements to 31 March each year using international accounting standards.
Which of the following statements taken individually would limit the usefulness of the comparison of the return on capital employed ratio between the two entities?

A) The corporate tax rate is 25% in Country X and 40% in Country Y.
B) The average rate of inflation is 3% in Country X and 10% in Country Y.
C) The currency is Dollar in Country X and Krona in Country Y.
D) The average rate of borrowing is 2% in Country X and 7% in Country Y.

4. Which of the following statements are true regarding consolidated cash flows after the acquisition of a subsidiary?
Select ALL that apply.

A) Adjustments need to be made to group working capital in light of the working capital acquired from the subsidiary
B) The subsidiary's cash inflows and outflows become part of the group after purchase
C) Net cash paid to acquire a subsidiary is shown as a cash inflow within the cash flow from investing activities
D) Disclosure notes are required to show cash and cash equivalents paid or received, but not details of goodwill, assets and liabilities acquired
E) Further adjustments are required to cash inflows and outflows after profit has been consolidated
F) Cash acquired from the subsidiary upon purchase is represented as a cash inflow

5. AB acquired 90% of the equity of YZ on 31 December 20X2. On the same date YZ acquired 60% of the equity shares of VW for $750,000. AB has no other subsidiaries.
The following information regarding YZ and VW was available:

What amount will AB include in its consolidated statement of financial position in respect of non controlling interest at 31 May 20X6?

A) $741,400
B) $811,000
C) $840,600
D) $816,400

Solutions: