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CIMA F2 Practice Test Questions Answers

Exam Code: F2 (Updated 268 Q&As with Explanation)
 Exam Name: F2 Advanced Financial Reporting
 Last Update: 20-Aug-2025
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Questions Include:

  • Single Choice: 164 Q&A's
  • Multiple Choice: 48 Q&A's
  • Drag Drop: 3 Q&A's

    • F2 Overview

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    F2 Questions and Answers

    Question # 1

    Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

    A.

    A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.

    B.

    Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.

    C.

    Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.

    D.

    Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.

    E.

    The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.

    Question # 2

    Which TWO of the following are true for an entity raising equity finance using a rights issue rather than a placing of equity shares to new investors?

    A.

    The administration is more complex and therefore likely to be more costly.

    B.

    The shares will sell at a higher price and therefore generate more funds.

    C.

    The voting rights of existing shareholders will be unaffected if the shareholders take up their rights.

    D.

    The cost of underwriting will be lower because the risk of the issue is lower.

    E.

    The issue will widen the base of shareholders if all shareholders take up their rights.

    Question # 3

    What is the total comprehensive income attributable to the non-controlling interest that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?

    A.

    $95,000

    B.

    $595,000

    C.

    $575,000

    D.

    $190,000

    Question # 4

    ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.

    ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.

    At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.

    At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.

    What is the figure for non-controlling interest to be shown in the consolidated statement of financial position of ST as at 31 December 20X5?

    A.

    $1,795,000

    B.

    $1,607,500

    C.

    $1,825,000

    D.

    $1,805,000

    Question # 5

    UV entered into a five year non-cancellable operating lease for an asset two years ago. Lease payments are settled annually in arrears.

    At the year end, UV no longer requires this leased asset as they have decided to discontinue the product line that it was used for.

    At this date UV had made two out of the five lease payments.

    Which of the following statements about the unavoidable lease payments is true in accordance with IAS 37 Provisions, Contingent Liabilities and Assets?

    A.

    A provision should be recognised for the unavoidable lease payments with a corresponding charge to profit or loss.

    B.

    A provision should be recognised for the unavoidable lease payments with a corresponding charge to other comprehensive income.

    C.

    The amount of the unavoidable lease payments should be disclosed in the financial statements with no corresponding accounting entry.

    D.

    The amount of the unavoidable lease payments should be ignored in the financial statements.

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