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CIMA Advanced Financial Reporting Sample Questions:

1. 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 debt issue on 31 March 20X3.
B) A bonus issue of shares on 1 April 20X2.
C) A rights issue on 31 March 20X3.
D) A revaluation upwards on the head office property on 1 April 20X2.
E) A bank loan to purchase new machinery on 31 March 20X3.

2. A convertible bond with a nominal value of $100 can be redeemed at par in 5 years' time or be converted into 1 new equity share for every $5 of bond held.
The current equity share price is $3.50 and it is anticipated that this will grow at a rate of 7% per year.
What is the value of the conversion option of the bond in 5 years' time?
Give your answer to two decimal places.
$ ?

3. The yield to maturity of a redeemable bond is calculated as the internal rate of return of the relevant cash flows associated with the bond.
Which TWO of the following are considered relevant cash flows in this calculation?

A) The nominal value of the bond now.
B) The value of the conversion premium on conversion to equity shares.
C) The annual interest payments net of tax relief.
D) The redemption value of the bond at the date of redemption.
E) The market value of the bond now.

4. EF acquired a copy machine under a three-year operating lease. EF will pay nothing in year one and then will pay $6,000 in years two and three. The estimated economic useful life of the machine is six years.
Which THREE of the following statements are true in respect of how EF will account for its use of the machine and the associated operating lease payments?

A) EF will include an accrual of $6,000 at the end of year one in respect of the lease payments.
B) EF will record no expense in year one in respect of the operating lease charges for this machine.
C) EF will record a credit to bank of $6,000 in year two.
D) EF will charge $4,000 to profit or loss in each of the three years in respect of this operating lease.
E) EF will include an accrual of $4,000 at the end of year one in respect of the lease payments.
F) An asset of $12,000 will be included in EF's property, plant and equipment at the start of the lease.

5. XY has a weighted average cost of capital (WACC) of 12%. The debt:equity ratio is 1:3 and this is considered low for the industry. XY needs to raise finance to purchase new machinery in the coming year.
Which of the following forms of finance is most likely to increase the WACC?

A) Finance lease
B) Rights issue of equity shares
C) 8% preference shares
D) 6% bank loan

Solutions: