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Prepare for the CIMA F2 Advanced Financial Reporting exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
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The questions for CIMAPRA19-F02-1 were last updated on Jan 17, 2025.
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Which of the following is NOT an example of an unconsolidated structured entity as defined in IFRS12 Disclosure of Interests in Other Entities?
Which TWO of the following statements about bonds and their issue are true?
AB sold the majority of its operating equipment to LM for cash on 30 December 20X9 and then immediately leased it back under an operating lease.
AB used the cash proceeds from the sale to reduce its long term borrowings significantly. No early repayment charge was levied by the lender.
Which of the following statements is truein respect of AB's ratios calculated at 31 December 20X9?
PQ entered into a $300,000contract on 1 January 20X9 to provide computer hardware to WX with support services for the3 years from the date of installation.
The contract is made up as follows:
The hardware was delivered to WX on 1 January 20X9 and installed immediately. WX paid the full value of the contract on 30 June 20X9.
What journal entry records PQ's revenue from this contract for the year ended 31 December 20X9?
CD acquired 100% of the equity share capital of FG for cash consideration of Kr1,200,000 on 1 January 20X7.
Retained earnings of FG at the date of acquisition was Kr800,000. CD operates from Country A and its functional and presentation currency is $. FG is located and trades throughout Country B and its functional currency is the Krona (Kr).
CD has no other subsidiaries. Goodwill had not suffered any impairment to date.
Summarised data from the statements of financial position for both entities at 31 December 20X7 is presented below:
Which of the following is the correct application of IAS 21 The Effects of Changes in Foreign Exchange Rates in translating FG's statement of financial position into the presentation currency of CD for consolidation purposes at 31 December 20X7?
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