Cima exams4sure complete F2 Materials by Arnie q248 vce pdf

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Exam Name:	F2 Advanced Financial Reporting
Exam Code:	F2 Dumps
Vendor:	CIMA	Certification:	CIMA Management
Questions:	268 Q&A's	Shared By:	arnie

Question 20

LM has made the following share purchases during the year:

• Purchased 55% of the equity share capital of OP.

• Purchased 45% of the equity share capital of QR. LM have the power to appoint the majority of board members on the QR board.

• Purchased 30% of the equity share capital of ST. LM is represented by one director on the main board of ST which has five members in total. The other 70% of ST's equity share capital is owned by a single company, UV.

The Managing Director has told you that OP has performed well, but both QR and ST have not performed as expected. He is therefore pleased that OP will be included as a subsidiary and that QR and ST will only be included as investments in the group financial statements.

In accordance with the ethical principle of professional competence and due care how should the investments in OP, QR and ST be treated in the group financial statements?

Options:

OP and QR should be consolidated and ST should be equity accounted.

OP should be consolidated and QR and ST should be equity accounted.

OP should be consolidated, QR should be equity accounted and ST should be valued at cost.

OP and QR should be equity accounted and ST should be valued at cost.

Discussion

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Question 21

ST acquired two financial investments in the year to 31 December 20X8. One of these investments was initially classified as held for trading, the other as available for sale. ST remeasured both investments at fair value at 31 December 20X8 in accordance with IAS 39 Financial Instruments: Recognition and Measurement. The resulting gains were calculated as follows:

• Gain on held for trading investment $50,000

• Gain on available for sale investment $40,000

What was the value of the gain that ST presented in its other comprehensive income when it prepared its financial statements for the year to 31 December 20X8?

Give your answer to the nearest $000.

$ ? 000

Options:

Discussion

Question 22

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:

Questions 22

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?

Options:

Increase in the deferred tax asset.

Increase in the deferred tax liability.

Decrease in the deferred tax asset.

Decrease in the deferred tax liability.

Discussion

Question 23

Which of the following principles are the basic principles followed by the consolidated income statement?

Select ALL that apply.

Options:

Include all of the parent's income and expenses plus all of the subsidiaries' income and expenses