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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. GH's financial statements show the following:
What is the value of the dividend received from the associate to be included in GH's consolidated statement of cash flows for the year?
Give your answer to the nearest $000.
$ ? 000

2. Mr. Rodgers is an accountant for JK Pic. He is asked to record a particular share-based payment in the company's accounts and obliges by debiting as an expense the first relevant account and crediting the corresponding double-entry as a liability.
Which type of share-based payment has Mr. Rodgers recorded?

A) Cash-settled in the future
B) Cash-settled immediately
C) Equity-settled in the future
D) Equity-settled immediately
E) Neither cash nor equity-settled

3. W and Y are very similar entities with the same level of profit before interest and tax. However, W has gearing of 95% and Y has gearing of 30%.
Which of the following statements is true?

A) Investors in Y will expect a higher return than investors in W.
B) Investing in W carries a higher level of risk than investing in Y.
C) Y has a greater commitment to meet interest payments than W.
D) A greater proportion of profit will be available out of which to declare a dividend in W.

4. Which of the following examples of contracts will use cost of sales as the balancing figure when calculating profit or loss?
Select ALL that apply.

A) Contract A has a total value of£55m, costs to date of£33m and expected costs to completion of£18m.
B) Contract A has a total value of£60m, costs to date of£42m and expected costs to completion of£15m.
The project's % stage of completion is 80% using the value method.
C) Contract A has a total value of£50m, costs to date of£42m and expected costs to completion of£15m.
The project's % stage of completion is 74% using the cost method.
D) Contract A has a total value of£75m, costs to date of£61m and expected costs to completion of£20m.
The contracts % stage of completion was calculated by dividing its value to date of£45m by£75m.
E) Contract A has a total value of£85m, costs to date of£69m and expected costs to completion of£22m.
The contracts % stage of completion was calculated by dividing its costs incurred to date of£69m by £75m.

5. XY has a weighted average cost of capital (WACC) of 10% based on its gearing level (measured as debt/debt+equity) of 40%. It is considering a signficant new project.
In which of the following situations would it be appropriate to appraise this project using XY's existing WACC of 10%?

A) The project is in a different industry to XY's current operations and funded entirely by equity.
B) The project is an extension of XY's current operations and is funded 40% by debt and 60% by equity.
C) The project is an extension of XY's current operations and is funded by equal amounts of debt and equity.
D) The project is in a different industry to XY's current operations and is funded by equal amounts of debt and equity.

Solutions: