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CIMA F2 Advanced Financial Reporting

Exam Study Guide

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F2 Advanced Financial Reporting and
Taxation

Management level

F2 builds on the competencies gained from F1. It covers how to effectively


source the long-term finance required to fund the operations of
organizations, particularly their capital investments. It also deepens the
coverage of financial reporting to more complex aspects of group
accounting and analyses the rules governing the recognition and
measurement of various elements of the financial statements. Finally it
shows how to analyze financial statements to provide insights about the
financial performance and position of the organization over time and in
comparison with others.
Summary of Syllabus

Each subject is divided into a number of broad syllabus topics.

A percentage weighting is shown against each syllabus topic and is intended as a guide
to the proportion of study time each topic requires.

It is essential that all topics in the syllabus are studied, as all topics will be examined.
The weightings do not specify the number of marks that will be allocated to topics in
the examination.

Weight Syllabus topic


15% A. Sources of long-term finance
60% B. Financial reporting
25% C. Analysis of financial performance and
position
Assessment
Format computer based Objective Test

Availability on demand at any of the 5000 Pearson VUE


centers around the world

Length 90 minutes

Marking computer marked

Results provisional result available


immediately followed by confirmation no
more than 48 hours later

Further information Objective Tests are comprised of a range of


items including short multiple choice
questions, number entry questions, drag
and drop questions and other formats.
They test all component learning outcomes
across the whole subject.
Sample Question: 1
Which TWO of the following statements about bonds and their issue are true?

A. Credit rating agencies assign risk categories to bond issues.

B. Bonds are a form of loan capital, traded on stock exchanges.

C. Bonds are a risk-free form of investing because they will always be repaid.

D. All bonds have the same terms and conditions when issued.

E. A bond issue is never underwritten because the return is fixed and


guaranteed.

Answer: A, B
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Sample Question: 2
RS is a listed entity that has no subsidiaries although its Finance Director is
also a director of TU, an unconnected entity. It is preparing its financial
statements to 30 September 20X6.
Which of the following substantial transactions must be disclosed in these
financial statements in accordance with IAS 24 Related Party Disclosures?

A. Pension payments made on behalf of the Managing Director of RS.

B. Purchase of production materials from TU at a discounted price to the


current market value.

C. Sale of finished goods to TU at normal selling price.

D. Performance related bonus payments made to the office staff for the year.

Answer: A
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Sample Question: 3
ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3,
when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non-controlling interest was
measured at its fair value of S1,400,000 at acquisition. At 1 January 20X3, the
fair value of CD's net assets was equal to their carrying amount, with the
exception of a building. This building had a fair value of $1,000,000 in excess
of its carrying amount and a remaining useful life of 25 years on 1 January
20X3. At 31 December 20X5, the retained earnings of ST and CD were
$8,500,000 and $5,250,000 respectively. What is the value of goodwill to be
included in the consolidated statement of financial position of ST as at 31
December 20X5?

A. $450,000
B. $1,450,000
C. $950,000
D. $570,000

Answer: A
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Sample Question: 4

An entity has declared a dividend of $0.12 a share. The cum dividend market
price of one equity share is $1.40. Assuming a dividend growth rate of 7% a
year, what is the entity's cost of equity?

A. 17.0%

B. 8.6%

C. 16.2%

D. 9.4%

Answer: A

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Sample Question: 5

LM granted 100 share options to each of its 400 employees on 1 January 20X7.
The options will only vest if employees remain with LM for 3 years from the
grant date. The fair value of each share option was $5 on 1 January 20X7. 20
employees left in the year to 31 December 20X7 and at that date it was
estimated that a further 35 would leave over the following two years. Which
of the following journal entries did LM process to account for the share
options in the year to 31 December 20X7, in accordance with IFRS2 Share-
based Payments?

A. Dr Profit or loss $57,500 ; Cr Other reserves within equity $57,500


B. Dr Profit or loss $57,500 ; Cr Liabilities $57,500
C. Dr Profit or loss $172,500 ; Cr Other reserves within equity $172,500
D. Dr Profit or loss $172,500 ; Cr Liabilities $172,500

Answer: A

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CIMA F2 Advanced Financial Reporting
Exam Study Guide

Get Exact CIMA F2 Exam Questions Answers From:

https://www.realexamdumps.com/cima/f2-braindumps.html