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F2 Exam Dumps - F2 Advanced Financial Reporting

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Question # 33

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

A.

$2,780,000

B.

$2,880,000

C.

$2,875,000

D.

$3,260,000

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Question # 34

The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:

  

What is VW's interest cover for the year ended 30 September 20X7?

A.

4.5

B.

3.3

C.

4.1

D.

5.1

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Question # 35

W and Y are very similar entities with the same level of profit before interest and tax.  However, W has gearing of 95% and Y has gearing of 30%.

Which of the following statements is true?

A.

Investing in W carries a higher level of risk than investing in Y.

B.

A greater proportion of profit will be available out of which to declare a dividend in W.

C.

Investors in Y will expect a higher return than investors in W.

D.

Y has a greater commitment to meet interest payments than W.

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Question # 36

ST has in issue unquoted 7% debentures which were issued at par and are redeemable in 1 year's time. These debentures cannot be traded. The yield to maturity on these debentures has been calculated at 5%.

Which of the following would explain why the yield to maturity is lower than the coupon?

A.

ST will benefit from the tax relief on the interest payment.

B.

The debentures will be redeemed at a discount to their par value.

C.

The debentures will be redeemed at their par value.

D.

The market value of the debentures must be higher than their par value.

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Question # 37

An accountant acting under their Code of Ethics would do which THREE of the following?

A.

Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.

B.

Report material conflicts of interest to a more senior level.

C.

Reject a justified change to a depreciation policy that increases profitability.

D.

Accept a recommendation from the audit committee to increase segregation of duties within the finance department.

E.

Make a provision for a liability of uncertain timing or amount, requested by the directors, where there is NOT a present obligation.

F.

Accept a director's instruction to remove one element of their remuneration from the directors' remuneration report. 

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Question # 38

Ratios have been produced below for EF for the year to 31 March:

  

Which TWO of the following could explain the movement in both gearing and ROCE?

A.

A rights issue on 31 March 20X3.

B.

A debt issue on 31 March 20X3.

C.

A revaluation upwards on the head office property on 1 April 20X2.

D.

A bonus issue of shares on 1 April 20X2.

E.

A bank loan to purchase new machinery on 31 March 20X3.

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Question # 39

Which of the following best describes the goal of WACC as a measure?

A.

To work out the average return that is required by the company on its investments in order to satisfy all shareholders and debt holders.

B.

To work out the average return that is required by the company on its investments in order to satisfy all shareholders.

C.

To work out the average return that is required by the company on its investments in order to satisfy all debt holders.

D.

To work out the minimum return that is required by the company on its investments in order to satisfy all shareholders and debt holders.

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Question # 40

GH granted 100 share options to each of its 1,000 employees on 1 January 20X8.  The fair value of each option was $7 on 1 January 20X8 and had risen to $8 at 31 December 20X8.

Which of the following statements represents the treatment that GH adopted to account for the related expense of these share options in its financial statements for the year ended 31 December 20X8, in accordance with IFRS 2 Share-based Payments?

A.

The expense was measured using the fair value of $7 and the credit entry was to equity.

B.

The expense was measured using the fair value of $7 and the credit entry was to liabilities.

C.

The expense was measured using the fair value of $8 and the credit entry was to equity.

D.

The expense was measured using the fair value of $8 and the credit entry was to liabilities.

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