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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

Which of the following is a related party according to the definition of a related party in IAS24 Related Party Disclosures?

A. Managing Director
B. Major supplier
C. Provider of finance
D. Major customer

Question 2

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 the 2 years?

A. In 20X4 an unused building was sold at a price in excess of its carrying value.
B. In 20X5 the average interest rate on borrowing decreased compared to 20X4.
C. In 20X5 the increase in value of MNO's head office was reflected in the financial statements.
D. In 20X4 an onerous contract was provided for and this provision did not change in 20X5.

Question 3

Which of the following examples would be classed as related parties ofJH Ltd due to the power they possess to directly influence the company?
1: JH Ltd's managing director
2: The son of JH Ltd's managing director, who is an intern in the company's office
3: The brother of JH Ltd's managing director, whose business supplies a large amount of production material for the company
4: JH Ltd's subsidiary company, AL Ltd
5: BR PLC, one of JH Ltd's regular customers

A. All of the above
B. 2, 3 & 4
C. 1, 2, 3 & 4
D. 1
E. 1&4
F. 1, 2 & 3

Question 4

The dividend yield of ST has fallen in the year 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.
Which of the following should explain the reduction in the dividend yield for the year to 31 May 20X5 compared to the previous year?

A. The dividend paid in the year was reduced in order to pay for new assets.
B. Surplus cash was used to pay a special dividend in addition to the normal dividend in the year.
C. The profit for the year fell significantly and the dividend per share stayed the same.
D. To compensate investors for the reduction in share price a higher dividend per share was paid.

Question 5

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. The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.
B. 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.
C. The directors must use a placing before offering the rights issue to existing shareholders.
D. A placing will increase the proportion of the total number of MNO's shares held by large investors.

Solutions: