About CIMA Advanced Financial Reporting exam torrent

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CIMA Advanced Financial Reporting Sample Questions:

1. Information from the financial statements of an entity for the year to 31 December 20X5:

The gearing ratio calculated as debt/equity and interest cover are:

A) gearing of 16% and interest cover of 6.
B) gearing of 16% and interest cover of 4.
C) gearing of 15% and interest cover of 4.
D) gearing of 15% and interest cover of 6.

2. A group presents its financial statements in A$.
The goodwill of its only foreign subsidiary was measured at B$100,000 at acquisition. There have been no impairments to this goodwill.
Exchange rates (where A$/B$ is the number of B$'s to each A$) are as follows:

The value of goodwill to be included in the group's statement of financial position in respect of its foreign subsidiary for the year ended 31 December 20X4 is:

A) A$150,000.
B) A$75,758.
C) A$66,667.
D) A$132,000.

3. When consolidating for group accounts, a number of calculations and adjustments are required to properly combine the entities into a single group. Which of the following processes are involved in this consolidation method?
Select ALL that apply:

A) Adjustment for depreciation and amortisation
B) Adjust for investment in subsidiaries
C) Add together the assets and liabilities of parent and subsidiary
D) Adjustment for profits
E) Adjustment for equity

4. At 31 October 20X1 RS has in issue 10% debentures 20X8 with a carrying value of $350,000.
Extracts from its statement of profit or loss for the year ending 31 October 20X7 are as follows:

What is the interest cover for RS for the ended 31 October 20X7?

A) 9.0 times
B) 11.1 times
C) 10.0 times
D) 8.0 times

5. AB and EF are located in the same country and prepare their financial statements to 31 October in accordance with International Accounting Standards. EF supplies AB with a component that is vital to AB's product range. AB is considering acquiring a controlling interest in EF by 31 December 20X4 in order to guarantee future supply. The Board of EF has indicated that such an approach would be postively considered. AB would use its control to make AB the sole customer of EF.
The Finance Director of AB has been granted access to EF's management accounts and has conducted some initial analysis from the financial press. The results togther with comparisons for AB for the year to
31 October 20X4 are presented below:

AB and EF are forecasting revenues of S1,500,000 and $700,000 respectively for the year ended 31 October 20X5.
Which of the following independent options would explain the difference between the gearing ratios of AB and EF at 31 October 20X4?

A) EF's average cost of borrowing is significantly lower than that of AB and EF has taken advantage of that.
B) EF made a bonus issue of shares from retained earnings during the year whereas AB did not.
C) EF has a policy of revaluing non current assets whereas AB does not.
D) EF's market value of shares at 31 October 20X4 is lower than that of AB.

Solutions: