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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. 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) If the bond is redeemed rather than converted that means that the investor will receive $105 for each
$100 of nominal value.
B) XY's post tax cost of debt for the convertible bond will be higher than the yield to maturity.
C) The bond will be converted into equity shares in one year's time if the share price does not change.
D) The yield to maturity of the convertible bond is a constant 6%.

2. The basic earning per share computed by a company for year ended 31st March 20X7 is £2 per share.
The company had certain convertible debentures outstanding as on 31st March 20X7. The conversion of debentures to equity shares would result in the earnings per share to be £2.2. Which of the following should the company disclose?

A) Basic earnings per share only
B) Both basic and diluted earnings per share
C) Diluted earnings per share only
D) Neither basic nor diluted earnings per share

3. AB owned 80% of the equity share capital of FG at 1 January 20X6. AB disposed of 10% of FG's equity share capital on 31 December 20X6 for $400,000. The non controlling interest was measured at
$700,000 immediately prior to the disposal.
Which of the following represents the adjustment that AB made to non controlling interest in respect of the disposal when it prepared its consolidated financial statements at 31 December 20X6?

A) Credit of $350,000
B) Credit of $50,000
C) Debit of $400,000
D) Debit of $350,000

4. AB acquired its subsidiary on 1 January 20X7 when the fair value of net assets was the same as book value with the exception of property, plant and equipment that had a fair value $500,000 higher than carrying value.
These assets were assessed to have a remaining useful life of 5 years from the date of acquisition.
What is the net consolidation adjustment to the property, plant and equipment balance at 31 December
20X9?
Give your answer to the nearest whole number (in '$000s).
$?

5. LM acquired 80% of the equity shares of ST when ST's retained earnings were $50 million. The fair value of the net assets of ST included a contingent liability with a fair value of $100 million at the date of acquisition and a fair value of $40 million at 31 December 20X6. No other fair value adjustments were required at the date of acquisition.
LM and ST had retained earnings of $200 million and $80 million respectively at 31 December 20X6.
The consolidated retained earnings of LM at 31 December 20X6 were:

A) $176 million
B) $164 million
C) $272 million
D) $284 million

Solutions: