ACCA paper f 7 financial reporting F7(Int)FR SQB conts d08

ATC INTERNATIONAL ACCA PAPER F7 FINANCIAL REPORTING (INTERNATIONAL) STUDY QUESTION BANK (i) No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the author, editor or publisher This training material has been published and prepared by Accountancy Tuition Centre Limited 16 Elmtree Road Teddington TW11 8ST United Kingdom Editorial material Copyright  Accountancy Tuition Centre (International Holdings) Limited, 2008 All rights reserved No part of this training material may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without permission in writing from the Accountancy Tuition Centre Limited (ii) ii STUDY QUESTION BANK – FINANCIAL REPORTING (F7) STUDY QUESTION BANK CONTENTS Question Page Answer Marks Date worked 1001 1003 1006 1008 18 22 17 26 6 7 1010 1011 1013 1014 16 20 20 8 10 1014 1017 1019 1020 15 12 14 20 11 11 1021 1023 12 11 1024 20 12 1025 25 13 14 1029 1032 14 15 14 15 16 1034 1036 1037 15 20 17 18 1038 1039 20 FINANCIAL STATEMENTS Oscar Mercury Sulphur Cayman ACCOUNTING CONCEPTS Five Concepts (ACCA D98) IASB (ACCA J98) Objectives (ACCA Pilot Paper 97) Comparability (ACCA J04) TANGIBLE ASSETS AND DEPRECIATION (IAS 16) 10 11 12 Adjustments Sponger Fam Stoat (ACCA D99) ACCOUNTING FOR SUBSTANCE 13 14 Substance over form Hughes and Custom cars ACCOUNTING POLICIES etc (IAS 8) 15 Perseus (ACCA J01) REVENUE (IAS 18) 16 Jenson ACCOUNTING FOR LEASES (IAS 17) 17 18 XYZ Inc Snow Inc INTANGIBLE ASSETS (IAS 38) 19 20 21 Intellectual Individuals Inc Rovers (ACCA J97) Lamond (ACCA D00) INVENTORY (IAS 2) 22 23 Allrights Inc Sampi (ACCA J98) (iii) FINANCIAL REPORTING (F7) – STUDY QUESTION BANK STUDY QUESTION BANK CONTENTS Question Page Answer 19 1040 Marks Date worked CONSTRUCTION CONTRACTS (IAS 11) 24 William Inc 12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (IAS 37) AND EVENTS AFTER THE BALANCE SHEET DATE (IAS 10) 25 26 Earley Inc Accounting treatment 20 20 1042 1043 13 12 21 22 23 24 24 1044 1045 1046 1047 1047 15 25 27 28 30 31 32 33 34 35 36 37 38 39 1048 1052 1054 1056 1058 1060 1062 1064 1066 1068 1070 1072 1073 15 12 12 12 12 10 15 10 10 13 10 10 16 40 1075 15 40 42 1077 1080 20 20 43 44 1083 1085 20 18 46 1088 14 INCOME TAXES (IAS 12) 27 28 29 30 31 Shep (I) Shep (II) Shep (III) Shep (IV) Broken dreams GROUP ACCOUNTS 32 33 34 35 36 37 38 39 40 41 42 43 44 Consolidations Honey Hatton Haggis Hammer Hut Hat Humphrey High Happy Haley Hamish Hydrogen PRINCIPLES OF PRICE LEVEL ACCOUNTING 45 Period of inflation CASH FLOW STATEMENTS (IAS 7) 46 47 Standard Fallen ANALYSIS AND INTERPRETATION 48 49 Witton Way Rapido EARNINGS PER SHARE (IAS 33) 50 (iv) Earnings per share iv ... CONCEPTS Five Concepts (ACCA D98) IASB (ACCA J98) Objectives (ACCA Pilot Paper 97) Comparability (ACCA J04) TANGIBLE ASSETS AND DEPRECIATION (IAS 16) 10 11 12 Adjustments Sponger Fam Stoat (ACCA. .. 21 Intellectual Individuals Inc Rovers (ACCA J 97) Lamond (ACCA D00) INVENTORY (IAS 2) 22 23 Allrights Inc Sampi (ACCA J98) (iii) FINANCIAL REPORTING (F7 ) – STUDY QUESTION BANK STUDY QUESTION... or in any information storage and retrieval system, without permission in writing from the Accountancy Tuition Centre Limited (ii) ii STUDY QUESTION BANK – FINANCIAL REPORTING (F7 ) STUDY QUESTION