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CIMAPRA19-F02-1 Exam Questions

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CIMAPRA19-F02-1 Exam Questions

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CIMA CIMAPRA19-F02-1 Exam

F2 Advanced Financial Reporting

Total Questions: 248

Last Updated : 12-04-2024

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CIMA CIMAPRA19-F02-1 Questions

Q1.

AB sold the majority of its operating equipment to LM for cash on 30 December 20X9 and then immediately leased it back under an operating lease.

AB used the cash proceeds from the sale to reduce its long term borrowings significantly. No early repayment charge was levied by the lender.

Which of the following statements is truein respect of AB's ratios calculated at 31 December 20X9?

AAB's return on capital employed would be lower as a result of this sale being recorded.

BAB's current ratio would be lower as a result of this sale being recorded.

CAB's non-current asset turnover would be lower as a result of this sale being recorded.

DAB's gearing ratio would be lower as a result of this sale being recorded.

Q2.

MNO has calculated its return on capital employed ratio for 20X4 and 20X5 as 41% and 56% respectively.

Taking each statement in isolation, which would explain the movement in the ratio between the2 years?

AIn 20X5 the average interest rate on borrowing decreased compared to 20X4.

BIn 20X4 an onerous contract was provided for and this provision did not change in 20X5.

CIn 20X5 the increase in value of MNO's head office was reflected in the financial statements.

DIn 20X4 an unused building was sold at a price in excess of its carrying value.

Q3.

The dividend yield of ST hasfallen in theyear to 31 May 20X5, compared to the previous year.

The share price on 31 May 20X4 was $4.50 and on 31 May 20X5 was $4.00. There were no issues of share capital during the year.

Whichof the following should explain the reduction in the dividend yield for the year to 31 May 20X5 compared to the previous year?

AThe dividend paid in the year was reduced in order to pay for new assets.

BSurplus cash was used to pay a special dividend in additionto the normal dividend in the year.

CThe profit for the year fell significantly and the dividend per share stayed the same.

DTo compensate investors for thereduction in share price a higher dividend per share was paid.

Q4.

Which of the following is a related partyaccording tothe definition of a related partyin IAS24 Related Party Disclosures?

AMajor customer

BProvider of finance

CManaging Director

DMajor supplier

Q5.

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

AAcurrent period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.

BGoodwill 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.

CAssets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.

DGoodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.

EThe statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.

Solutions:

Question: 1 Answer: D

Question: 2 Answer: B

Question: 3 Answer: A

Question: 4 Answer: C

Question: 5 Answer: A, B

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