CIMA F2

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CIMA Advanced Financial Reporting Sample Questions:

1. What is the total comprehensive income attributable to the non-controlling interest that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?

A) $95,000
B) $190,000
C) $575,000
D) $595,000

2. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) The cost of the mine will be increased by $3 million on 1 January 20X8.
B) The cost of the mine will be increased by $1 million on 1 January 20X8.
C) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.
D) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
E) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
F) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.

3. Which THREE of the following statements about preference shares are true?

A) Preference shares cannot be issued as redeemable shares.
B) Unlike ordinary shares, preference shares may be cumulative.
C) Preference shareholders rank below the equity shareholders in a winding up.
D) For an investor, preference shares carry more risk than ordinary shares.
E) Preference shareholders receive their dividend entitlement before the equity shareholders.
F) The characteristics of preference shares are closer to debt than equity.

4. 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$66,667.
B) A$150,000.
C) A$132,000.
D) A$75,758.

5. MS Group's total profit for period on their consolidated income statement is £31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit £41,000
Dividend from JV2 £5,000
Finance cost £3,000
Tax £11,000

A) £7,000
B) £9,000
C) £5,000
D) £1,000
E) £4,000
F) £6,000

Solutions: