TÀI LIỆU ACCA MỚI NHẤT 2015 BPP f7 examkit

BPP House 142-144 Uxbridge Road London W12 8AA United Kingdom T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) E Learningmedia@bpp.com bpp.com/learningmedia • Banks of questions on every syllabus area • Answers with detailed guidance on approaching  questions • Three mock exams with full answers and guidance For exams up to June 2015 Contact us One of a suite of products supporting Paper F7 Financial Reporting, for use independently or as part of a package, this Kit is targeted at ACCA’s exams up to June 2015 and contains: Practice & Revision Kit Paper F7 Financial Reporting This Kit provides material specifically for the practice and revision stage of your studies for Paper F7 Financial Reporting that has been comprehensively reviewed by the ACCA examining team This unique review ensures that the questions, solutions and guidance provide the best and most effective resource for practising and revising for the exam Financial Reporting BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials BPP Learning Media’s study materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success ACCA F7 ACCA approved content provider ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Paper F7 Financial Reporting Practice & Revision Kit for exams up to June 2015 Free access to our Exam Success site Look inside June 2014 £18.00 ACF7(INT)RK14.indd 1-3 11/06/2014 11:00 PAPER F7 FINANCIAL REPORTING BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA qualification This means we work closely with ACCA to ensure our products fully prepare you for your ACCA exams In this Practice and Revision Kit which is has been reviewed by the ACCA examination team, we:  Discuss the best strategies for revising and taking your ACCA exams  Ensure you are well prepared for your exam  Provide you with lots of great guidance on tackling questions  Provide you with three mock exams  Provide ACCA exam answers as well as our own for selected questions Our Passcard and i-Pass products also support this paper FOR EXAMS UP TO JUNE 2015 P R A C T I C E & R E V I S I O N K I T First edition 2008 Eighth edition June 2014 ISBN 9781 4727 1103 (previous ISBN 9781 4453 7996 8) e-ISBN 9781 4727 1167 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia All our rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions The suggested solutions in the practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated Printed in Singapore by Ho Printing 31 Changi South Street Changi South Industrial Estate Singapore 486769 Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources ii © BPP Learning Media Ltd 2014 Contents Page Finding questions Question index v Helping you with your revision ix Revising F7 Topics to revise x Question practice x Passing the F7 exam xi Exam information xii Questions and answers Questions Answers 97 Exam practice Mock exam  Questions 217  Plan of attack .227  Answers .228 Mock exam  Questions 241  Plan of attack .255  Answers .256 Mock exam (Specimen paper)  Questions 269  Plan of attack .281  Answers .282 ACCA examiner's answers  Specimen paper 293 Review form iii A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials not write and update themselves People write them: on their own behalf or as employees of an organisation that invests in this activity Copyright law protects their livelihoods It does so by creating rights over the use of the content Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media:   Photocopying our materials is a breach of copyright Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we not supply ‘unlock’ codes to people who have bought them second-hand And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that If they act illegally and unethically in one area, can you really trust them? iv Question index The headings in this checklist/index indicate the main topics of questions, but many questions cover several different topics Each topic area begins with MCQs on the topic Your exam will have 20 MCQs Examiner's answers For the Mock exam the examiner's answers can be found at the end of this Kit Time Page number Marks allocation Mins Question Answer MCQs – conceptual framework 10 18 97 Lisbon (pilot paper amended) 15 27 97 Concepts (6/08 amended) 15 27 98 Part 1: The conceptual framework Part 2: The regulatory framework 11 100 Baxen (6/12 amended) 15 27 100 15 27 101 MCQs – regulatory framework Regulatory framework (2.5 12/04 amended) Part 3: Presentation of published financial statements MCQs – presentation of published financial statements 10 18 103 Preparation question: Candel (12/08) – – 103 Preparation question: Dexon – – 105 10 Highwood (6/11 amended) 30 54 10 108 11 Keystone (12/11 amended) 30 54 12 111 12 Fresco (6/12 amended) 30 54 13 114 20 36 15 119 Part 4: Non-current assets 13 MCQs – non-current assets 14 Preparation question: Plethora plc – – 17 120 15 Dearing (12/08 amended) 15 27 18 121 16 Flightline (6/09 amended) 15 27 18 122 17 MCQs – intangible assets 14 20 125 18 Emerald (12/07 amended) 15 27 20 125 19 Dexterity (2.5 6/04 amended) 15 27 21 127 20 Darby (12/09) 15 27 22 128 Part 5: Intangible assets Finding questions v Time Page number Marks allocation Mins Question Answer 21 MCQs – impairment of assets 12 22 23 130 22 Telepath (6/12) 15 27 24 131 23 MCQs – reporting financial performance 14 26 133 24 Preparation question: Partway (2.5 12/06 amended) – – 26 133 25 Tunshill (12/10) 15 27 27 134 26 Manco (12/10 amended) 15 27 28 136 27 MCQs – introduction to groups 10 18 29 138 28 Preparation question: Group financial statements – – 30 138 29 Preparation question with helping hands: Simple consolidation – – 30 138 30 MCQs – consolidated statement of financial position 12 22 32 141 31 Preparation question: Goodwill – – 33 142 32 Pedantic (12/08 amended) 30 54 34 142 33 MCQs – consolidated statement of profit or loss and OCI 14 36 146 34 Preparation question: Acquisition during the year – – 37 146 Part 6: Impairment of assets Part 7: Reporting financial performance Part 8: Introduction to groups Part 9: Consolidated statement of financial position Part 10: Consolidated statement of profit or loss and other comprehensive income 35 Preparation question: Pandar (12/09 amended) – – 38 148 36 Viagem (12/12 amended) 15 27 39 151 37 Prodigal (6/11 amended) 30 54 40 152 38 MCQs – accounting for associates 10 18 43 156 39 Preparation question: Laurel – – 44 156 40 Preparation question: Tyson – – 47 158 41 Preparation question: Plateau (12/07 amended) – – 48 159 42 Paladin (12/11 amended) 30 54 50 162 Part 11: Accounting for associates vi Finding questions Time Page number Marks allocation Mins Question Answer 18 32 52 165 44 MCQs – provisions, contingent liabilities and contingent assets 14 54 166 45 Promoil (12/08) 15 27 55 166 46 Borough (12/11) 15 27 55 167 47 Shawler (12/12 amended) 15 27 56 169 48 MCQs – financial instruments 14 57 170 49 Bertrand (12/11 amended) 15 27 58 171 50 MCQs - revenue 20 18 59 173 51 Preparation question: Derringdo – – 61 174 52 Preparation question: Contract – – 62 175 Part 12: Inventories and biological assets 43 MCQs –inventories and biological assets Part 13: Provisions, contingent liabilities and contingent assets Part 14: Financial instruments Part 15: Revenue 53 Preparation question: Beetie (pilot paper amended) – – 63 176 54 Mocca (6/11 amended) 15 27 63 178 55 Wardle (6/10 amended) 15 27 64 179 10 18 65 181 Part 16: Leasing 56 MCQs - leasing 57 Preparation question: Branch – – 66 182 58 Fino (12/07 amended) 15 27 66 183 59 MCQs – accounting for taxation 10 18 67 185 60 Preparation question: Julian – – 68 186 61 Preparation question: Bowtock – – 69 186 10 18 70 188 Part 17: Accounting for taxation Part 18: Earnings per share 62 MCQs – earnings per share 63 Preparation question: Fenton – – 71 189 64 Barstead (12/09 amended) 15 27 72 190 65 Rebound (6/11 amended) 15 27 72 192 Finding questions vii Time Page number Marks allocation Mins Question Answer 66 MCQs – analysing and interpreting financial statements 12 22 74 194 67 Preparation question: Victular (12/08) – – 75 194 68 Bengal (6/11 amended) 15 27 77 196 69 MCQs – limitations of FSs and interpretation techniques 14 25 79 198 70 Waxwork (6/09) 15 27 80 198 71 Quartile (12/12 amended) 15 27 81 199 72 MCQs – statement of cash flows 14 83 201 73 Preparation question: Dickson – – 84 202 74 Mocha (12/11) 30 54 87 205 75 MCQs – alternative models and practices 10 18 89 209 76 Preparation question: Changing prices – – 90 209 77 Update (2.5 6/03 part amended) 15 27 91 210 78 MCQs – specialised, not-for-profit and public sector entities 10 18 92 211 79 Preparation question: Appraisal – – 93 212 Part 19: Analysing and interpreting financial statements Part 20: Limitations of financial statements and interpretation techniques Part 21: Statement of cash flows Part 22: Alternative models and practices Part 23: Specialised not-for-profit and public sector entities Mock exam Mock exam Mock exam (Specimen paper) viii Finding questions Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use exam team–reviewed revision materials By incorporating the examination team’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision Tackling revision and the exam Using feedback obtained from ACCA exam team review:  We look at the dos and don’ts of revising for, and taking, ACCA exams  We focus on Paper F7; we discuss revising the syllabus, what to (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide a full question index to help you plan your revision Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice  Our top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include  We show you how you can pick up easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing  We include marking guides to show you what the examiner rewards  We include comments from the examiners to show you where students struggled or performed well in the actual exam  We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions  In a bank at the end of this Kit we include the official ACCA answers to the Specimen paper Used in conjunction with our answers they provide an indication of all possible points that could be made, issues that could be covered and approaches to adopt Attempting mock exams There are three mock exams that provide practice at coping with the pressures of the exam day We strongly recommend that you attempt them under exam conditions Mock exams and reflect the question styles and syllabus coverage of the exam; Mock exam is the Specimen paper Revising F7 ix Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Review Form – Paper F7 Financial Reporting (6/14) Name: Address: How have you used this Kit? (Tick one box only) During the past six months you recall seeing/receiving any of the following? (Tick as many boxes as are relevant)  Home study (book only)  Our advertisement in Student Accountant  On a course: college  Our advertisement in Pass  With 'correspondence' package  Our advertisement in PQ  Other  Our brochure with a letter through the post Why did you decide to purchase this Kit? (Tick one box only)  Our website www.bpp.com  Have used other BPP products in the past Which (if any) aspects of our advertising you find useful? (Tick as many boxes as are relevant)  Recommendation by friend/colleague  Prices and publication dates of new editions  Recommendation by a lecturer at college  Information on product content  Saw advertising  Facility to order books off-the-page  Other  None of the above  Have used the complementary Study text Which BPP products have you used? Text Kit i-Pass Home Study Package Passcards Your ratings, comments and suggestions would be appreciated on the following areas Passing ACCA exams Passing F7 Questions Top Tips etc in answers Content and structure of answers ‘Plan of attack' in mock exams Mock exam answers Overall opinion of this Kit Excellent  Do you intend to continue using BPP products? Very useful Useful Not useful                      Good  Adequate  Yes  No  Poor  Please return this form to: Pippa Riley, ACCA Range Manager, BPP Learning Media Ltd, FREEPOST, London, W12 8AA Review Form (continued) TELL US WHAT YOU THINK Please note any further comments and suggestions/errors below [...]...Revising F7 Topics to revise From December 2014 the F7 paper has a Section A with twenty MCQs This gives the examiner greater scope to examine the whole of the syllabus and bring in topics that do not feature in the longer questions... your wits and make the exam experience less worrying Just keep doing this and you will get better at doing questions and you will really find out what you know and what you don’t know x Revising F7 Passing the F7 exam If you have honestly done your revision then you can pass this exam What you must do is remain calm and tackle it in a professional manner The examiner stresses a number of points which... guess the answer and move on You lose no marks for a wrong answer and you may even be right! Revising F7 xi Exam information Format of the exam All questions are compulsory Section A – 20 MCQs Section B: Question 1 Question 2 Question 3 Time allowed: 3 hours plus 15 minutes reading time xii Revising F7 Number of marks 40 15 15 30 100 Questions 1 2 1 Multiple choice questions – conceptual framework 1 ...PAPER F7 FINANCIAL REPORTING BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA qualification This means we work closely with ACCA to ensure our products... you for your ACCA exams In this Practice and Revision Kit which is has been reviewed by the ACCA examination team, we:  Discuss the best strategies for revising and taking your ACCA exams ... for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www .bpp. com/learningmedia All our rights reserved No part of this publication