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CIMA F2 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Analysing Financial Statements | 15% | - Impact of accounting policies - Ratio analysis and interpretation - Limitations of financial analysis |
| Financing Capital Projects | 15% | - Cost of capital calculations - Capital structure theories - Sources of long-term finance |
| Integrated Reporting | 10% | - Integrated reporting framework - Sustainability and non-financial disclosures |
| Group Accounts | 35% | - Associates and joint ventures - Goodwill and non-controlling interest - Consolidated financial statements - Foreign currency consolidation |
| Financial Reporting Standards | 25% | - Financial instruments (IFRS 9) - IFRS framework and application - Leases (IFRS 16) - Revenue recognition (IFRS 15) |
CIMA Advanced Financial Reporting Sample Questions:
BC are currently seeking to establish an accounting policy for a particular type of transaction.
There are four alternative ways in which this transaction can be treated. Each treatment will have a different outcome on the financial statements as follows:
* Treatment one means that the financial statements will be easier to prepare.
* Treatment two will give a fair representation of the transaction in the financial statements.
* Treatment three will maximise the profit figure presented in the financial statements.
* Treatment four means that the financial statements will be more easily understood by shareholders.
Which accounting treatment should BC adopt?
- A. Three
- B. Two
- C. One
- D. Four
Correct Answer: B 🗳️
XY has in issue a 6% convertible bond which is redeemable at par or convertible into equity shares in one year's time. The conversion terms are 20 equity shares for each $100 of convertible bond. The conversion value in one year's time is expected to be $105 per $100 nominal of the bond based on the current share price of $5.25.
Which of the following statements about the bond is correct?
- A. The yield to maturity of the convertible bond is a constant 6%.
- B. The bond will be converted into equity shares in one year's time if the share price does not change.
- C. If the bond is redeemed rather than converted that means that the investor will receive $105 for each
$100 of nominal value. - D. XY's post tax cost of debt for the convertible bond will be higher than the yield to maturity.
Correct Answer: B 🗳️
AB acquired an investment in a debt instrument on 1 January 20X5 at its nominal value of $25,000, which it intends to hold until maturity. The instrument carried a fixed coupon interest rate of 5%, payable in arrears. Transactions costs of $5,000 were paid in respect of this investment. The effective interest rate applicable to this instrument was estimated at 9%.
Calculate the value of this investment that AB will include in its statement of financial position at 31 December 20X5.
Give your answer to the nearest whole number.
$ ?
Correct Answer:
31450
A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?
- A. The council has no potential future obligations arising from the project.
- B. The settlement of the contract is unlikely to result in an outflow from the council.
- C. The council doesn't have a present obligation from the project.
- D. Neither the timing nor the amount of the provision is uncertain.
Correct Answer: D 🗳️
Which of the following should be eliminated when using the equity method to account for associates in a parent's financial statements?
Select ALL that apply.
- A. Goodwill payments
- B. Unrealised profits
- C. Dividends from associates
- D. Intra-group balances and transactions
Correct Answer: B,C 🗳️
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