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Which of the following reduce the usefulness of ratio analysis when comparing entities that operate in the same industry? Select ALL that apply.

  1. The revenue figure being aggregated from many different activities and sources.
  2. Accounting estimates in respect of depreciation being different between entities.
  3. The effect of a material and unusual item being disclosed separately in the notes.
  4. An entity adopting a policy of revaluing its non current assets.
  5. Ratio calculations being based on historical information.
  6. Ratios being quick and easy to calculate.

Answer(s): A,B,D,E



JJ's current share price is $1.80, with a dividend of $0.20 a share just about to be paid. Dividends have increased at an average annual growth rate of 4.5% and this is expected to continue into the future.
What is JJ's cost of equity?

  1. 17.6%
  2. 16.1%
  3. 12.5%
  4. 11.1%

Answer(s): A



CORRECT TEXT
EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate income tax rate is 22%. The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.
Calculate the post tax cost of debt.
Give your answer as a percentage to one decimal place.

  1. 9.4, 9.3, 9.39, 9.40

Answer(s): A



CORRECT TEXT
GH's financial statements show the following:
What is the value of the dividend received from the associate to be included in GH's consolidated statement of cash flows for the year?
Give your answer to the nearest $000.

  1. 300, 300000

Answer(s): A






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