100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial Reporting F7 ACCA 2024 Exam Questions and Answers £9.95   Add to cart
Quickly navigate to
Preview
  2.  
  3. ACCA
  4.  
  5. ACCA

Exam (elaborations)

Financial Reporting F7 ACCA 2024 Exam Questions and Answers
 3 views  0 purchase
  • Module
  • ACCA
  • Institution
  • ACCA

Financial Reporting F7 ACCA 2024 Exam Questions and Answers purpose of financial reporting - ANSWERto provide information to the users i.e. creditor, lendor and investers. they are the primary users IFRS 9 effective interest rate table - ANSWERAC B/F... interest expense... interest paid.... AC ...

[Show more]

Preview 4 out of 32  pages

Document information

  • October 28, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial reporting f7 acca 2024 exam questions an

Written for

  • ACCA
  • ACCA

Seller

avatar-seller
Emillect

Content preview

©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Financial Reporting F7 ACCA 2024 Exam

Questions and Answers


purpose of financial reporting - ANSWER✔✔to provide information to the users i.e. creditor, lendor and

investers. they are the primary users


IFRS 9 effective interest rate table - ANSWER✔✔AC B/F... interest expense... interest paid.... AC C/F.




BF+IE-IP=CF


intangible Asset Conditions - ANSWER✔✔1. no physical existence


2. should be non monetary .... not cash not receivable but PPE


3. Seperable or Identifiable. we can seperate it.


6 stages to capitalize the development cost - ANSWER✔✔1. P. Probable chances of economic benefit


2. I. intention to complete.


3. R. Resources available to complete (Finance)



Page 1/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




4. A. Ability to use and sell ( can u sell)


5. T. Technical Resource. (do u have advanced technology or qualified labours)


6. E. Expenditure Reliably Measured.




(PIRATE)


Lease Amortisation Schedule IFRS 16 Leases - ANSWER✔✔Expenses:


rentals...interest expense...interest paid....decrease in lease obligation ... balance obligation




income:


rentals..interest income...interest received...decrease in lease... balance obligation


iAs 23 borrowing cost.


when to capitalize borrowing cost - ANSWER✔✔1. company started construction


2.borrowing cost is incurred (u have taken loan)


3. Grt future economics benefits




Page 2/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




adjusting events example IAS 10 - ANSWER✔✔1. bad debts written off.


2. inventory sold out after year end for less than cost


3. Fraud and error discovered after the year end. existed at SOFP date


4. court case outstanding at year end, and is settled after year end.


5. determination of bonus after year end.


6. dividend declared during the year


7. When going concern status is disturbed then it is an adjusting event


Non adjusting events example IAS 10. - ANSWER✔✔wont adjust in past year financial statements.


1. Stock Burnt


2. earthquake


3. Sudden fall in the value of investment


4. Strike by labours after year end


5. issue of share


6. issue of loan




Page 3/32

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




7. Divident declared after year end


8. Dividend proposed


IAS 12 SOFP approach - ANSWER✔✔


IFRS 15 - Revenue from Contracts with Customers 5 stages - ANSWER✔✔1. identification of contract


2. identification of performance obligation


3. transaction price. what u get


4. allocation of transaction prices apportionment (based on stand alone prices (individual price))


5. book revenue .. point in time... over time.


Deffered Income - ANSWER✔✔it is a liability account


IFRS 15 Revenue from contract, construction accounting - ANSWER✔✔1. calculate total profit or loss


2. calculate stage of completion through


a. input methid. incurred cost to date/total estimated cost


b. output mehtod. value of worked satisfied/total contract price l




Page 4/32

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Emillect. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £9.95. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£9.95
  • (0)
  Add to cart