Acknowledgement Past ACCA examination questions are the copyright of the Association of Chartered Certified Accountants and have been reproduced by kind permission. Downloaded by De Guzman (deguzman14622@gmail.com) lOMoARcPSD|6087843 REVISION QUESTION BANK – FINANCIAL REPORTING (F7) ©2016 DeVry/Becker Educational Development Corp.  All rights reserved. (iii) CONTENTS Question Page Answer Marks Date worked OBJECTIVE TEST QUESTIONS1 1 International Financial Reporting Standards 1 1001 14 2 Conceptual Framework 2 1001 24 3 IAS 1 Presentation of Financial Statements 5 1002 18 4 Accounting Policies 8 1003 12 5 IFRS 15 Revenue from Contracts with Customers 9 1003 22 6 Inventory and Biological Assets 13 1004 28 7 IAS 16 Property, Plant and Equipment 17 1005 16 8 IAS 23 Borrowing Costs 19 1006 10 9 Government Grants 20 1007 10 10 IAS 40 Investment Property 21 1007 10 11 IAS 38 Intangible Assets 23 1007 18 12 Non-current Assets Held for Sale and Discontinued Operations 25 1008 12 13 IAS 36 Impairment of Assets 27 1009 14 14 IAS 17 Leases 29 1010 12 15 IAS 37 Provisions, Contingent Liabilities and Contingent Assets 31 1011 16 16 IAS 10 Events after the Reporting Period 33 1011 12 17 IAS 12 Income Taxes 35 1012 10 18 Financial Instruments 37 1013 18 19 Conceptual Principles of Groups 39 1014 12 20 Consolidated Statement of Financial Position 41 1014 30 21 Consolidation Adjustments 46 1016 18 22 Consolidated Statement of Comprehensive Income 49 1017 22 23 Investments in Associates 52 1019 14 24 Foreign Currency transactions 54 1019 10 25 Analysis and Interpretation 55 1020 14 26 IAS 7 Statement of Cash Flows 57 1021 24 27 IAS 33 Earnings per Share 61 1022 22 As shown by the Specimen Examination Section B will include “objective test case” questions of 10 marks each and Section C will include 20 mark constructed response (“long”) questions. Additional useful question practice on examinable topics that is not exam style is indicated (*). 1 All OT questions are 2 marks each. Downloaded by De Guzman (deguzman14622@gmail.com) lOMoARcPSD|6087843 FINANCIAL REPORTING (F7) – REVISION QUESTION BANK (iv) ©2016 DeVry/Becker Educational Development Corp.  All rights reserved. Question Page Answer Marks Date worked INTERNATIONAL FINANCIAL REPORTING STANDARDS 1* Standard setting process (ACCA D04 adapted) 65 1024 15 CONCEPTUAL FRAMEWORK 2* Period of inflation 65 1025 15 3 Wardle (ACCA J10 adapted **) 65 1026 10 4* Laidlaw (ACCA D13 adapted) 67 1027 15 IAS 1 PRESENTATION OF FINANCIAL STATEMENTS 5 Dexon (ACCA J08 adapted) 68 1028 20 6 Pricewell (ACCA J09 adapted) 70 1030 20 7 Sandown (ACCA D09 adapted) 72 1033 20 8 Cavern (ACCA D10 adapted) 74 1036 20 9* Highwood (ACCA J11 adapted) 76 1039 30 10 Fresco (ACCA J12 adapted) 78 1043 20 11 Atlas (ACCA J13 adapted) 80 1046 20 12* Moby (ACCA D13 adapted) 81 1049 15 ACCOUNTING POLICIES 13 Emerald (ACCA D07 adapted **) 83 1051 10 14* Tunshill (ACCA D10) 84 1052 15 15* Lobden (ACCA D12 adapted) 85 1053 15 IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS 16 Derringdo (ACCA J03 adapted **) 86 1055 10 17* Linnet (ACCA J04) 88 1056 15 18* Mocca (ACCA J11) 89 1057 10 IAS 16 PROPERTY, PLANT AND EQUIPMENT 19 Dearing (ACCA D08 adapted **) 89 1059 10 20* Flightline(ACCA J09) 91 1059 10 21 Shawler (ACCA D12 adapted **) 92 1061 10 IAS 23 BORROWING COSTS 22* Apex (ACCA J10 adapted) 93 1061 15 GOVERNMENT GRANTS 23* Baxen (ACCA J12 adapted) 94 1063 15 IAS 40 INVESTMENT PROPERTY 24* Fundo (ACCA D13) 95 1065 15 ** These are in the style of “OT-case” questions that now feature in Section B of the examination.