Acca financial reporting Study guides, Class notes & Summaries
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ACCA financial reporting Questions With Complete Solution
- Exam (elaborations) • 81 pages • 2023
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How is revenue treated that is receivable 2 years after the goods are delivered? correct answer: The amount of revenue initially recognised is the amount receivable discounted to present value. 
Interst is then applied to the receivable as interest income over 2 years 
 
IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? correct answer: Fair value with changes going through profit or loss 
 
What are acce...
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ACCA Financial Reporting Questions With Complete Solutions
- Exam (elaborations) • 40 pages • 2023
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IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: 
 
- A statement of financial position 
- A statement of profit or loss 
and other comprehensive income 
- A statement of changes in equity 
- A statement of cash flows 
- Accounting policies and explanatory notes 
 
Property, plant, and equipment (IAS 16) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...
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ACCA financial reporting Questions With Complete Solution
- Exam (elaborations) • 81 pages • 2023
- Available in package deal
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How is revenue treated that is receivable 2 years after the goods are delivered? correct answer: The amount of revenue initially recognised is the amount receivable discounted to present value. 
Interst is then applied to the receivable as interest income over 2 years 
 
IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? correct answer: Fair value with changes going through profit or loss 
 
What are acce...
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Summary ACCA Financial Reporting Complete Latest 2023/2024
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IAS 1 Presentation of Financial Statements - Correct Answer States that a complete set of financial statements comprises: 
 
- A statement of financial position 
- A statement of profit or loss 
and other comprehensive income 
- A statement of changes in equity 
- A statement of cash flows 
- Accounting policies and explanatory notes 
 
Property, plant, and equipment (IAS 16) - Correct Answer Tangible assets held by an entity for more than one accounting period for use in the production or suppl...
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ACCA Financial Reporting Questions With Complete Solutions.
- Exam (elaborations) • 40 pages • 2023
- Available in package deal
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- $14.99
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IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: 
 
- A statement of financial position 
- A statement of profit or loss 
and other comprehensive income 
- A statement of changes in equity 
- A statement of cash flows 
- Accounting policies and explanatory notes 
 
Property, plant, and equipment (IAS 16) correct answer: Tangible assets held by an entity for more than one accounting period for use in the production or suppl...
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ACCA financial reporting ALL SOLUTION 100% CORRECT SPRING FALL-2023/24 EDITION GUARANTEED GRADE A+
- Exam (elaborations) • 48 pages • 2023
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How is revenue treated that is receivable 2 years after the goods are delivered? 
The amount of revenue initially recognised is the amount receivable discounted to present value. 
Interst is then applied to the receivable as interest income over 2 years 
IFRS 9 requires investments in equity instruments to be measured and accounted for ( in the absence of any election at initial recognition)? 
Fair value with changes going through profit or loss 
What are acceptable methods of accounting for a g...
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ACCA - Audit and Assurance (AA) UPDATED Exam Questions and CORRECT Answers
- Exam (elaborations) • 34 pages • 2024
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ACCA - Audit and Assurance (AA) 
UPDATED Exam Questions and 
CORRECT Answers 
Objective of an external audit - Correct Answer- The objective of an audit of financial 
statements is to enable the auditor to express an opinion on whether the financial statements 
are prepared, in all material respects, in accordance with applicable financial reporting 
framework. An audit of financial statements is an example of an assurance engagement. 
Advantages of a non-statutory audit - Correct Answer- It...
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ACCA Practice Test Questions with Correct Answers
- Exam (elaborations) • 51 pages • 2023
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ACCA Practice Test Questions with Correct Answers 
Accountability of Internal audit - ANSWER CC 
1 access all parts of th organization 
2auditor can freely comment the performance of managent 
3should be actioned at th highest level to ensure its effectice implementation 
 
Absolution - ANSWER FC one set of ethic rules should fits in all cultures without exception 
 
Accounting - ANSWER CC 
1the transactions: book of primary entry 
2analysed and posted to ledger 
3sum...
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ACCA F3 Exam Questions and Answers All Correct
- Exam (elaborations) • 6 pages • 2023
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ACCA F3 Exam Questions and Answers All Correct 
Financial reporting - Answer-is a way of recording, analysing and summarising financial data. 
 
For-profit entities of whatever size or nature exist - Answer-to make a profit. 
 
Not-for-profit entities exist - Answer-for the achievement of specific objectives rather than to make a profit. 
 
Profit - Answer-is the excess of income over expenditure. When expenditure revenue, the business is running at a loss. 
 
A sole tradership - Answer-is a bu...
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ICAEW BTF C10 Structure and regulation of the accountancy profession latest update 2024-2025
- Exam (elaborations) • 2 pages • 2024
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ICAEW BTF C10 Structure and regulation of the accountancy profession 
FRC (Financial Reporting Council) comprises: - correct answer the Conduct Committee + the Codes and Standards Committee 
 
Regulation of professions should NOT protect the profession's vested interests from competition in order to maintain public trust - correct answer True 
 
To appeal Disciplinary Committee decision - correct answer Appeal committee 
 
To appeal Investigation Committee decision - correct answer Discipli...
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