CIMA F2 real exam prep : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. MNO is listed on its local stock exchange. It has a high level of gearing compared to the industry average as a result of rapid expansion funded by debt. The directors of MNO would like to reduce the level of gearing by raising equity to fund the next expansion project. The directors are considering whether to use a placing of new shares or a rights issue.
Which of the following statements is true?

A) A placing will increase the proportion of the total number of MNO's shares held by large investors.
B) The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.
C) The directors must use a placing before offering the rights issue to existing shareholders.
D) A rights issue would not need to be underwritten because the risk of the shares not being taken up is small compared to a placing.

2. If you were asked to express the overall performance of an entity as a percentage of its total investment in net assets which of the following ratios would you calculate?

A) Dividend yield
B) Asset utilisation
C) Non-current asset turnover
D) Return on capital employed

3. AB and FG incorporated on 1 January 20X1 in the same country and had similar investment in net assets.
Both entities are financed entirely by equity. In the year to 31 December 20X1 both entities generated the same volume of sales.
Which of the following, taken individually, would explain why AB's return on capital employed ratio was lower than that of FG?

A) AB's deferred tax provision at the year end is higher than that of FG.
B) AB revalued its non current assets upwards on 31 December 20X1; FG's non current assets were stated at historic cost.
C) FG issued bonds on 31 December 20X1; AB remains ungeared.
D) AB paid a lower dividend to its shareholders than FG in the year.

4. Mr D, a CIMA qualified accountant, is working on the preparation of a long term profit forecast required by the local stock market prior to a new share issue of equity shares. At the most recent board meeting the directors requested that the forecast be inflated. In Mr D's view this would grossly overestimate the forecast profit. The board intends to publish the revised inflated forecast.
Which THREE of the following are the ethical options available to Mr D in this situation?

A) Delegate the work to a subordinate.
B) Consider resignation of his post as accountant.
C) Adjust the figures in line with the board's request as this is a forecast and not the financial statements.
D) Submit the original forecast without the board's approval.
E) Discuss the situation with his line manager.
F) Consider reporting the situation to the appropriate authorities.

5. What figure will be presented for "dividend paid to shareholders of GHI" in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?
Give your answer to the nearest $000.
$ ? 000

Solutions: