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Our company knows that time is precious especially for those who are preparing for CIMA F2 exam, just like the old saying goes "Time flies like an arrow, and time lost never returns." We have tried our best to provide our customers the fastest delivery. We can ensure you that you will receive our F2 practice exam materials within 5 to 10 minutes after payment, this marks the fastest delivery speed in this field. Therefore, you will have more time to prepare for the F2 actual exam. Our operation system will send the F2 best questions to the e-mail address you used for payment, and all you need to do is just waiting for a while then check your mailbox.

Simulate the real exam

We provide different versions of F2 practice exam materials for our customers, among which the software version can stimulate the real exam for you but it only can be used in the windows operation system. It tries to simulate the F2 best questions for our customers to learn and test at the same time and it has been proved to be good environment for IT workers to find deficiencies of their knowledge in the course of stimulation.

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Only need to practice for 20 to 30 hours

You will get to know the valuable exam tips and the latest question types in our F2 certification training files, and there are special explanations for some difficult questions, which can help you to have a better understanding of the difficult questions. All of the questions we listed in our F2 practice exam materials are the key points for the IT exam, and there is no doubt that you can practice all of F2 best questions within 20 to 30 hours, even though the time you spend on it is very short, however the contents you have practiced are the quintessence for the IT exam. And of course, if you still have any misgivings, you can practice our F2 certification training files again and again, which may help you to get the highest score in the IT exam.

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CIMA Advanced Financial Reporting Sample Questions:

1. Which TWO of the following are TRUE in respect of preparing a consolidated statement of cash flows where there has been an acquisition of a subsidiary part way through the year?

A) Non-controlling interest will arise in relation to the subsidiary and any dividends paid to the non- controlling interest will be shown within financing activities as a cash outflow.
B) The year end cash and cash equivalents balance will be reduced by the cash and cash equivalents that were held by the subsidiary at the acquisition date.
C) Any shares that were issued on acquisition of the subsidiary will be shown separately on the statement of cash flows within financing activities.
D) The working capital held by the subsidiary at acquisition will be excluded from the year end figures based on the percentage shareholding in the subsidiary.
E) Investing activities will include a total cash outflow for the acquisition comprising the cash paid for the subsidiary less the cash held by the subsidiary at the acquisition date.

2. LM and JK operate in the same country and prepare their financial statements to 30 June 20X6 in accordance with International Accounting Standards. On 27 June 20X6 both entities raised $1 million cash by issuing debt instruments with identical terms and conditions. Prior to this issue both entities were financed entirely by equity.
At 30 June 20X6 the gearing ratios, calculated as Debt/Equity x 100%, were as follows:
LM: 30%
JK: 65%
Which of the following independent options would explain the difference between LM and JK's year-end gearing?

A) LM revalued its land and buildings upwards in the year; JK has performed no revaluations.
B) LM made a bonus issue from retained earnings in the year; JK issued no shares in the year.
C) LM held no investments in other entities; JK revalued its available for sale investments upwards in the year.
D) LM had 100,000 $1 shares at the year end; JK had 200,000 50c shares in issue at the year end.

3. The tax benefit on a company's asset is £180,000 and the useful life on that asset is five years. The company creates a deferred tax provision to spread this benefit over the asset's useful life.
What entry is needed to reduce this deferred tax provision in the company's year two accounts?

A) DR Corporation tax (income statement) £144,000
B) DR Deferred tax liability (SOFP) £144,000
C) CR Deferred tax liability (SOFP) £144,000
D) DR Deferred tax liability (SOFP) £36,000
E) CR Corporation tax (income statement) £144,000
F) CR Corporation tax (income statement) £36,000
G) DR Corporation tax (income statement) £36,000
H) CR Deferred tax liability (SOFP) £36,000

4. Which TWO of the following would be the primary disadvantages of producing the disclosures required in IFRS12 Disclosure of Interests in Other Entities?

A) The disclosures take time and therefore incur costs which erodes shareholder value.
B) The disclosures will give competitors commercially sensitive information.
C) The auditors will have to audit these disclosures.
D) The disclosures will highlight the risks associated with interests in other entities.
E) The users of the financial statements may feel overburdened with information.

5. How would KL account for its investment in MN in its consolidated financial statements for the year to
31 December 20X9?

A) Joint arrangement
B) Joint venture
C) Financial asset
D) Subsidiary

Solutions: