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Free F2 Exam Braindumps
Advanced Financial Reporting Questions 91–95 (page: 20)

Updated On: 10-Feb-2026
Page 20 of 55
PDF with 268 Questions

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

  1. Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
  2. Report material conflicts of interest to a more senior level.
  3. Reject a justified change to a depreciation policy that increases profitability.
  4. Accept a recommendation from the audit committee to increase segregation of duties within the finance department.
  5. Make a provision for a liability of uncertain timing or amount, requested by the directors, where there is NOT a present obligation.
  6. Accept a director's instruction to remove one element of their remuneration from the directors' remuneration report.

Answer(s): A,B,D



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?

  1. A rights issue on 31 March 20X3.
  2. A debt issue on 31 March 20X3.
  3. A revaluation upwards on the head office property on 1 April 20X2.
  4. A bonus issue of shares on 1 April 20X2.
  5. A bank loan to purchase new machinery on 31 March 20X3.

Answer(s): A,C



Which of the following is NOT an example of an unconsolidated structured entity as defined in IFRS12 Disclosure of Interests in Other Entities?

  1. A post-employment benefit plan
  2. A securitisation vehicle
  3. An asset-backed financing scheme
  4. An investment fund

Answer(s): A



If you were asked to express the overall performance of an entity as a percentage of its total investment in net assets which of the following ratios would you calculate?

  1. Return on capital employed
  2. Asset utilisation
  3. Dividend yield
  4. Non-current asset turnover

Answer(s): A



KL acquired 2 million $1 equity shares in MN on 18 July 20X0 for $1.65 a share and classified this investment as available for sale (AFS) in accordance with IAS 39 Financial instruments: Recognition and Measurement.



KL paid a 0.5% transaction fee to its broker on this transaction. MN's shares were trading at $1.78 on 31 December 20X0.
Which of the following journals records the subsequent measurement of this investment at 31 December 20X0?

  1. Option
  2. Option
  3. Option

Answer(s): A



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