CIMA CIMA Management F2

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CIMA Advanced Financial Reporting Sample Questions:

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) Provider of finance
C) Major supplier
D) Major customer

2. Which of the following is NOT an example of an unconsolidated structured entity as defined in IFRS12 Disclosure of Interests in Other Entities?

A) An asset-backed financing scheme
B) A post-employment benefit plan
C) A securitisation vehicle
D) An investment fund

3. BC are currently seeking to establish an accounting policy for a particular type of transaction.
There are four alternative ways in which this transaction can be treated. Each treatment will have a different outcome on the financial statements as follows:
* Treatment one means that the financial statements will be easier to prepare.
* Treatment two will give a fair representation of the transaction in the financial statements.
* Treatment three will maximise the profit figure presented in the financial statements.
* Treatment four means that the financial statements will be more easily understood by shareholders.
Which accounting treatment should BC adopt?

A) Two
B) One
C) Three
D) Four

4. On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:
Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A) Decrease in the deferred tax asset.
B) Decrease in the deferred tax liability.
C) Increase in the deferred tax liability.
D) Increase in the deferred tax asset.

5. LM is a car dealer that is supplied inventory by car manufacturer SQ. Trading between LM and SQ is subject to a contractual agreement. This agreement states the following:
* Legal title of the cars remains with SQ until they are sold by LM to a third party.
* Upon notification of sale to a third party by LM, SQ raises an invoice at the price agreed at the original date of delivery to LM.
* LM has the right to return any car at any time without incurring a penalty.
* LM is responsible for insuring all of the cars on its property.
When considering how these cars should be accounted for, which THREE of the following statements are true?

A) The most significant risks attached to the cars are held by SQ.
B) The most significant risks attached to the cars are held by LM.
C) SQ should recognise revenue when the cars are delivered to LM.
D) When LM sells a car to a third party, SQ should recognise the revenue associated with that sale.
E) LM should recognise the cars as inventory in their financial statements.
F) SQ should recognise the cars as inventory in their financial statements.

Solutions: