CIMA CIMAPRA19-F02-1 practice materials Questions Answers

Exam Code:
CIMAPRA19-F02-1
Exam Name:
F2 Advanced Financial Reporting Exam
Last Update:
Jun 01,2026

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Page: 1 / 54
Total Questions: 268

Questions & Answers PDF

• Question 1

  

  EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate incometax rate is 22%.The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.Calculate the post tax cost of debt.Give your answeras apercentageto one decimal place.%

  Reveal Answer Answer: Next Question

• Question 2

  

  W and Y are very similar entities with the same level of profit before interest and tax. However, W has gearing of 95% and Y has gearing of 30%.Which of the following statements is true?

  • Investing in W carries a higher level of risk than investing in Y.
  • A greater proportion of profit will be available out of which to declare a dividend in W.
  • Investors in Y will expect a higher return than investors in W.
  • Y has a greater commitment to meet interest payments than W.

  Reveal Answer Answer: A Next Question

• Question 3

  

  YZ issued$100,000 6% convertible bonds at paron 1 January 20X5. The bondholders have the option to convert into equity shares in 3 years' time or redeem at par for cash on the same date.Interest is paid annually in arrears and bonds issued by similar entities without conversion rights pay interest at 8%.What is the value of equityto be recognised inYZ's statementof financial position as at 31 December 20X5?Give your answer to the nearest whole $.$?

  Reveal Answer Answer: Next Question

• Question 4

  

  You are a Financial Controller at BCD and are in the process of preparing the year-end financial statements. A member of your finance team has come to see you about her provisions balance at year-end.She says that the Managing Director has asked her to increase the provisions balance by $1 million overall. She thinks this is because BCD has had a very good year in terms of profit, and the Managing Director wants to put some profit aside to protect against any future reductions in profit. $1 million is material to BCD.Youbelieve that the provisions balance wasfairly stated without the additional $1 million.Which TWO of the following would be appropriate actions in this scenario?

  • Discuss the matter with the Finance Director as he is your immediate line manager.
  • Speak to the Managing Director to explain that the level of provisions is governed by financial reporting standards.
  • Tell the member of your finance team to ignore the Managing Director and to leave the provisions balance as it was.
  • Contact the external auditors of BCD and tell them that the Managing Director wants to change the provisions balance.
  • Speak to the shareholders at the upcoming annual general meeting about this issue.

  Reveal Answer Answer: A, B Next Question

• Question 5

  

  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?

  • Basic earnings per share only
  • Diluted earnings per share only
  • Both basic and diluted earnings per share
  • Neither basic nor diluted earnings per share

  Reveal Answer Answer: A Next Question

• Question 6

  

  Which THREE of the following statements are true in relation to financial assets designated as fair value through profit or loss under IAS 39 Financial Instruments: Recognition andMeasurement?

  • Sharesin another entity held for short term trading purposes fall within this category.
  • Transaction costs in relation to these assets are expensed to profit or loss on acquisition.
  • Transaction costs in relation to these assets areadded to theinitial cost of the asset on acquisition.
  • The gainor loss on thesubsequent measurement of these assetsisrecordedwithin other comprehensive income.
  • The gain or loss on the subsequent measurement of these assets is recorded within profit for the year.
  • Oncethe asset has beensubsequentlymeasured to fair value an impairment review is undertaken.

  Reveal Answer Answer: A, B, E Next Question

• Question 7

  

  GH owned 70% of the equity share capital of XY at 1 January 20X6. GH acquired a further 20% of XY's equity share capital on 31 December 20X6 for $430,000. Non controlling interest was measured at $600,000 immediately prior to the 20% acquisition.Which of the following amounts will GH debit to non controlling interest when the 20% acquisition is adjusted for in its consolidated financial statements at 31 December 20X6?

  • $400,000
  • $120,000
  • $200,000
  • $430,000

  Reveal Answer Answer: A Next Question

• Question 8

  

  HJ is currently in dispute with an employee, who is claiming $400,000 in a legal case against them.HJ's legal advisors have stated that it is probable that they willlose the case and will have to pay the amount claimed.Also, HJ areclaiming $250,000 from a supplierof defective goods and the legal advisors have stated that it is probable that HJ will besuccessful in this claim.What is the correct accounting treatment for these two items in HJ'sfinancial statements?

  • Provide for the $400,000 potential outflow and disclose the $250,000 potential inflow.
  • Provide for the $400,000 potential outflow and recognise the $250,000 potential inflow.
  • Disclose the $400,000 potential outflow and disclose the $250,000 potential inflow.
  • Disclose the $400,000 potential outflow and recognise the $250,000 potential inflow.

  Reveal Answer Answer: A Next Question

• Question 9

  

  ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year'stime. These debentures cannot be traded. The yield to maturity on these debentures has been calculated at 5%.Which of the following would explain why the yield to maturity is lower than the coupon?

  • ST will benefit from the tax relief on the interest payment.
  • The debentures will be redeemed at a discount to their par value.
  • The debentures will be redeemed at their par value.
  • The market value of the debentures must be higher than their par value.

  Reveal Answer Answer: B Next Question

• Question 10

  

  CD granted 1,000 share options to its 100 employees on 1 January 20X8.To be eligible, employees must remain employed for 3 years from the grant date. In the year to 31 December 20X8, 15 staff left and a further 25 were expected to leave over the following two years.The fair value of each option at 1 January 20X8 was $10 and at 31 December 20X8 was $15.Which THREE of the following are true in respect of recording these share options in the year ended 31 December 20X8?

  • The credit entry will be to equity.
  • The credit entry will be to non-current liabilities.
  • Fair value at 1 January 20X8 will be used to value the options.
  • Fair value at 31 December 20X8 will be used to value the options.
  • The calculation of the charge for the year will be adjusted for actual leavers only.
  • The calculation of the charge for the year will be adjusted for actual and estimated leavers.

  Reveal Answer Answer: A, C, F Next Question

Page: 1 / 54
Total Questions: 268

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