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ACCA Financial Reporting 2019 (F7) Exam Study Guide Solutions

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ACCA Financial Reporting 2019 (F7) Exam Study Guide Solutions Income - ANSWERIncome is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contri...

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  • October 28, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCA
  • ACCA
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ACCA Financial Reporting 2019 (F7) Exam

Study Guide Solutions


Income - ANSWER✔✔Income is increases in economic benefits during the accounting period in the form

of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other

than those relating to contributions from equity participants.


Expenses - ANSWER✔✔Expenses are decreases in economic benefits during the accounting period in the

form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity,

other than those relating to distributions to equity participants.


Profits - ANSWER✔✔Profits are increases in equity not resulting from contributions from equity

participants (shareholders).


Losses - ANSWER✔✔Losses are decreases in equity not resulting from contributions from equity

participants (shareholders).


Assets - ANSWER✔✔An Asset is a resource controlled by the entity as a result of past events and from

which future economic benefits are expected to flow to the entity.




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Liabilities - ANSWER✔✔A Liability is a present obligation of the entity arising from past events, the

settlement of which is expected to result in an outflow from the entity of resources embodying

economic benefits.


Equity - ANSWER✔✔Equity is the residual interest in the assets of the entity after deducting all its

liabilities.


IAS 1 : Complete set of financial statements comprise of ? - ANSWER✔✔1. Statement of Financial

position


2. Statement of profit or loss and other comprehensive income


3. Statement of changes in equity


4. Statement of cash flows


5. Accounting policies and explanatory notes


6. Comparative information for the preceding period


IAS States ? - ANSWER✔✔1. All of the financial statements are to be given equal promise


2. The statement of profit or loss and other comprehensive income can be presented


-either as a single statement


- or a profit and loss section, immediately followed by a separate statement of comprehensive income

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IAS 1 requires compliance with a number of accounting concepts - ANSWER✔✔1. Going concern


2. Accrual basis of accounting


3. Materiality and aggregation


4. Offsetting


5. Frequency of reporting


6. Comparative information


Going concern - ANSWER✔✔When an entity's financial statements are prepared in accordance with

international financial reporting standards, the presumption is that the entity is a going concern, ie it will

not cease to trade in the immediate future.


Accrual basis of accounting - ANSWER✔✔Financial statements, except for cash flows information, are

prepared under the accruals concept, ie income and expenses are matched to the same accounting

period.


Materiality and aggregation - ANSWER✔✔Each material class of similar items is to be presented

separately in the financial statements, eg the classification of assets as non-current and current


Offsetting - ANSWER✔✔Generally is not permitted to set off assets and liabilities, or income and

expense against each other in order to show a net figure, eg cash at bank is not netted off against a bank

overdraft

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