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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. 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$132,000.
D) A$150,000.

2. 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

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

4. Which of the following reduce the usefulness of ratio analysis when comparing entities that operate in the same industry? Select ALL that apply.

A) The effect of a material and unusual item being disclosed separately in the notes.
B) Ratio calculations being based on historical information.
C) An entity adopting a policy of revaluing its non current assets.
D) Ratios being quick and easy to calculate.
E) Accounting estimates in respect of depreciation being different between entities.
F) The revenue figure being aggregated from many different activities and sources.

5. Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

A) Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.
B) Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.
C) A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.
D) The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.
E) Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.

Solutions: