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P R A C FUNDAMENTALS LEVEL T I C PAPER F7 E FINANCIAL REPORTING & (INTERNATIONAL) R E V In this January 2010 new edition I • We discuss the best strategies for revising and taking your ACCA exams S • We show you how to be well prepared for your exam • We give you lots of great guidance on tackling questions I • We show you how you can build your own exams O • We provide you with three mock exams including the December 2009 exam N • We provide the ACCA examiner's answers as well as our own to the June and December 2009 exams as an additional revision aid Our i-Pass product also supports this paper. K I T FOR EXAMS IN 2010
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First edition 2007 Fourth edition January 2010 ISBN 9780 7517 8054 3 (previous ISBN 9780 7517 6661 5) British Library Cataloguing-in-Publication Data A catalogue record for this book All our rights reserved. No part of this publication may be is available from the British Library reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior Published by written permission of BPP Learning Media Ltd. BPP Learning Media Ltd BPP House, Aldine Place We are grateful to the Association of Chartered Certified London W12 8AA Accountants for permission to reproduce past examination questions. The suggested solutions in the www.bpp.com/learningmedia exam answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Printed in the United Kingdom © Your learning materials, published by BPP Learning BPP Learning Media Ltd Media Ltd, are printed on paper sourced from 2010 sustainable, managed forests. ii
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Contents Page Finding questions Question index ................................................................................................................................................................. iv Using your BPP Learning Media Practice and Revision Kit.......................................................... ix Revising F7 General exam support from BPP Learning Media.............................................................................................................. x Topics to revise................................................................................................................................................................. x Question practice .............................................................................................................................................................. x Passing the F7 exam ........................................................................................................................................................ xi Exam information ............................................................................................................................................................ xii Analysis of past papers .................................................................................................................................................. xv Planning your question practice BPP Learning Media’s question plan............................................................................................................................. xvii Build your own exams..................................................................................................................................................... xx Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................97 Exam practice Mock exam 1 • Questions ............................................................................................................................................................261 • Plan of attack .......................................................................................................................................................269 • Answers...............................................................................................................................................................270 Mock exam 2 • Questions ............................................................................................................................................................285 • Plan of attack .......................................................................................................................................................293 • Answers...............................................................................................................................................................295 Mock exam 3 (December 2009) • Questions ............................................................................................................................................................309 • Plan of attack .......................................................................................................................................................317 • Answers...............................................................................................................................................................318 ACCA examiner's answers • June 2009............................................................................................................................................................331 • December 2009 ...................................................................................................................................................337 Review form & free prize draw iii
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Question index The headings in this checklist/index indicate the main topics of questions, but questions are expected to cover several different topics. Questions marked 2.5 were examination questions under the previous syllabus. Examiner's answers. For the June and December 2009 exams the examiner's answers can be found at the end of this kit. Time Page number allocation Marks Mins Question Answer Part 1: The conceptual framework 1 Peterlee (2.5 6/06) 13 23 3 97 2 Derringdo (2.5 6/03 part) 11 20 3 97 3 Porto (Pilot paper amended) 13 23 4 98 Part 2: The regulatory framework 4 Regulatory framework (2.5 12/04) 25 45 4 100 Part 3: Presentation of published financial statements 5 Winger (2.5 Pilot paper amended) 25 45 5 102 6 Harrington (2.5 6/05 amended) 25 45 6 104 7 Llama (12/07) 25 45 8 108 8 Tadeon (2.5 12/06) 25 45 9 111 9 Kala (Pilot paper amended) 25 45 10 114 10 Wellmay (2.5 6/07 amended) 25 45 11 117 11 Dexon (6/08) 25 45 13 120 12 Candel (12/08) 25 45 15 123 13 Pricewell (6/09) 25 45 16 126 Part 4: Non-current assets 14 Derringdo II (2.5 6/03 part) 9 16 17 130 15 Broadoak (2.5 12/01) 25 45 18 131 16 Elite Leisure (2.5 12/05 part) 12 22 19 134 17 Dearing (ME3) (12/08)) 10 18 19 135 18 Flightline (6/09) 10 18 20 136 Part 5: Intangible assets 19 Emerald (12/07) 10 18 20 138 20 Dexterity (2.5 6/04) 25 45 21 140 Part 6: Impairment of assets 21 Advent (2.5 12/04 amended) 13 23 22 142 22 Wilderness (2.5 12/05) 25 45 22 144 iv Finding questions
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Time Page number allocation Marks Mins Question Answer Part 7: Reporting financial Performance 23 Derringdo III (2.5 6/03 amended part) 5 9 24 147 24 Telenorth (2.5 12/01) 25 45 25 147 25 Tourmalet (2.5 12/03) 25 45 26 151 26 Partway (2.5 12/06) 25 45 28 153 Part 8: Introduction to groups 27 Preparation question with helping hands: Simple consolidation – – 29 156 28 Hideaway (2.5 12/05 amended) 10 18 30 157 Part 9: The consolidated statement of financial position 29 Highveldt (2.5 6/05) 25 45 30 158 30 Parentis (2.5 6/07) 25 45 32 162 31 Pedantic (12/08) 25 45 33 165 Part 10: The consolidated income statement 32 Preparation question: Acquisition during the year – – 34 168 33 Hillusion (2.5 6/03) 25 45 35 171 34 Hydan (2.5 6/06) 25 45 37 174 35 Hydrate (2.5 12/02 amended) 20 36 38 178 Part 11: Accounting for associates 36 Preparation question: Laurel – – 39 180 37 Preparation question: Tyson – – 41 183 38 Plateau (12/07) 25 45 43 184 39 Holdrite (2.5 12/04) 25 45 44 188 40 Patronic (6/08) 25 45 45 190 41 Hedra (2.5 12/05) 25 45 46 192 42 Hosterling (2.5 12/06) 25 45 48 196 43 Pacemaker (6/09) 25 45 49 198 Part 12: Inventories and construction contracts 44 Preparation question: Contract – – 50 201 45 Concepts (6/08) 15 27 51 202 46 Linnet (2.5 6/04) 13 23 52 203 47 Torrent (2.5 6/06) 12 22 53 204 48 Beetie (Pilot paper) 10 18 53 206 Finding questions v
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Time Page number allocation Marks Mins Question Answer Part 13: Provisions, contingent liabilities and contingent assets 49 Bodyline (2.5 12/03) 25 45 54 207 50 Tentacle (2.5 6/07) 15 27 55 210 51 Promoil (ME3) (12/08) 15 27 55 211 Part 14: Financial assets and financial liabilities 52 Peterlee II (2.5 6/06 part) 12 22 56 212 53 Jedders 15 27 56 213 54 Pingway (6/08) 10 18 58 214 Part 15: The legal versus the commercial view of accounting 55 Triangle (2.5 6/05) 25 45 58 215 56 Atkins (2.5 12/02) 15 27 59 218 57 Angelino (2.5 12/06) 25 45 60 220 Part 16: Leasing 58 Preparation question: Branch – – 61 222 59 Evans 12 22 61 222 60 Bowtock (2.5 12/03 amended) 5 9 61 223 61 Fino (12/07) 15 27 62 224 Part 17: Accounting for taxation 62 Preparation question: Julian – – 62 226 63 Deferred taxation 15 27 63 227 64 Bowtock II (2.5 12/03 amended) 10 20 63 228 Part 18: Earnings per share 65 Preparation question: Fenton – – 64 230 66 Savoir (2.5 6/06 part) 13 23 64 231 67 Niagara (2.5 6/03 part) 13 23 65 232 Part 19: Analysing and interpreting financial statements 68 Rytetrend (2.5 6/03) 25 45 66 234 69 Reactive (Pilot paper part) 20 36 67 238 70 Greenwood (2.5 6/07) 25 45 69 239 71 Victula (ME3)(12/08) 25 45 70 241 vi Finding questions
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Time Page number allocation Marks Mins Question Answer Part 20: Limitations of financial statements and interpretation techniques 72 Harbin (12/07) 25 45 72 243 73 Breadline (2.5 6/02) 25 45 74 245 74 Toogood (2.5 6/07) 25 45 76 248 75 Waxwork (6/09) 15 27 76 249 Part 21: Cash flow statements 76 Preparation question: Dickson – – 77 250 77 Bigwood (2.5 12/04) 25 45 81 253 78 Casino (2.5 6/05) 25 45 84 256 79 Tabba (2.5 12/05) 25 45 85 259 80 Minster (2.5 12/06) 25 45 87 262 81 Pinto (6/08) 25 45 88 264 82 Coaltown (6/09) 25 45 90 266 Part 22: Alternative models and practices 83 Preparation question: Changing prices – – 91 269 84 Update (2.5 6/03 part) 12 22 92 270 Part 23: Specialised not-for-profit and public sector entities 85 Appraisal (Pilot paper part) 5 9 93 271 Mock exam 1 86 Pumice(Pilot paper) 87 Tintagel (6/04) 88 Nedburg (12/02) 89 Shiplake (6/02) 90 Creative accounting (12/02) Mock exam 2 91 Hample (2.5 6/99 part) 92 Chamberlain (12/02) 93 Boston (6/06) 94 Atomic power (12/00) 95 Errsea (2.5 6/07 part) Mock exam 3 (December 2008 paper) Finding questions vii
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Planning your question practice Our guidance from page (xvii) shows you how to organise your question practice, either by attempting questions from each syllabus area or by building your own exams – tackling questions as a series of practice exams. ACCA examiner’s answers The ACCA examiner’s answers to questions marked Pilot papers to 12/08 can be found on the BPP website at the following link: www.bpp.com/acca/examiner-solutions Additional question guidance Additional guidance to certain questions can be found on the BPP website at the following link: www.bpp.com/acca/extra-question-guidance Using your BPP Learning Media products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: • Learning to Learn Accountancy gives further valuable advice on revision • Passcards provide you with clear topic summaries and exam tips • Success CDs help you revise on the move • i-Pass CDs offer tests of knowledge against the clock You can purchase these products by visiting www.bpp.com/mybpp. viii Finding questions
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Using your BPP Learning Media Practice and Revision Kit Tackling revision and the exam You can significantly improve your chances of passing by tackling revision and the exam in the right ways. Our advice is based on feedback from ACCA examiners. • 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 do (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 signposts to help you plan your revision. • A full question index • BPP's question plan highlighting the most important questions and explaining why you should attempt them • Build your own exams, showing how you can practise questions in a series of exams 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 examiners’ comments to show you where students struggled or performed well in the actual exam • We refer to the 2009 BPP Study Text (for exams in December 2009 and June 2010) for detailed coverage of the topics covered in questions • In a bank at the end of this Kit we include the examiner's answers to the June and December 2009 papers. 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 1 and 2 reflect the question styles and syllabus coverage of the exam; Mock exam 3 is the December 2009 paper. Using your BPP Learning Media Practice and Revision Kit ix
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Revising F7 General exam support from BPP Learning Media BPP Learning Media is committed to giving you the best possible support in your quest for exam success. With this in mind, we have produced guidance on how to revise and techniques you can apply to improve your chances of passing the exam. This guidance can be found on the BPP Learning Media web site at the following link: www.bpp.com/acca/examtips/revising-for-ACCA-exams.doc A paper copy of this guidance is available by emailing learningmedia@BPP.com Topics to revise What we do know about F7 is that Question 1 will be a consolidation question. This can be a statement of financial position or income statement or both, and it will probably include an associate, so be prepared for all of this. Therefore you must revise all the consolidation workings, and you must know how to account for an associate. All questions are compulsory. Question 2 will be a single company accounts preparation question. This allows the examiner to bring in more complex issues that he would not test in the consolidation question. Make sure you can deal with finance leases, deferred tax, calculating finance costs using the effective interest rate, prior period adjustments, discontinued operations and construction contracts. Question 3 will be on statements of cash flow or interpretation of accounts. You have studied both of these at 1.1, so make sure you can do them well. Other recent questions have involved non-current assets and impairment, intangible assets, EPS, provisions and regulatory issues. These are all likely topics for questions 4 and 5. There will be a certain amount of discussion in some of the questions, so be prepared to write about financial reporting topics, such as the Framework or specific accounting standards. Question practice This is the most important thing to do if you want to get through. All of the most up-to-date exam questions from the previous syllabus and all the F7 questions to date are in this kit. Practice doing them under timed conditions, then go through the answers and go back to the study text for any topic you are really having trouble with. Come back to a question week later and try it again – you will be surprised at how much better you are getting. Be very ruthless with yourself at this stage – you have to do the question in the time, without looking at the answer. This will really sharpen 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
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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 you should bear in mind. • You must read the question properly. Students often fail to read the question properly and miss some of the information. Time spent reading the question a second time would be time well spent. Make yourself do this, don’t just rush into it in a panic. • Workings must be clear and cross-referenced. If the marker can read and understand your workings they can give you credit for using the right method, even if your answer is wrong. If your answer is wrong and there are no workings, or they are illegible and incomprehensible, you will get no marks for that part of the question. • Stick to the timings and answer all questions. Do not spend too long on one question at the expense of others. The number of extra marks you will gain on that question will be minimal, and you could have at least obtained the easy marks on the next question. • Do not neglect the short parts of the question. If you get a 20-mark consolidation with a 5-mark discussion topic at the end, leave time for that last part. You can’t afford to throw away 5 marks. • Make sure you get the easy marks. If an accounts preparation question contains something that you are unable to do, just ignore it and do the rest. You will probably only lose a few marks and if you start trying to puzzle it out you might waste a lot of minutes. • Answer the question. In a discussion-type question you may be tempted to just write down everything you know about the topic. This will do you no good. The marking parameters for these questions are quite precise. You will only get marks for making points that answer the question exactly as it has been set. So don’t waste your time waffling – you could be scoring marks somewhere else. Note that you have 15 minutes reading time at the start of this exam, during which you are allowed to make notes on the question paper. Use this to read the questions carefully and underline important points. Make note of any points that occur to you which you may otherwise forget. Get really familiar with the paper and focus on what you can do, not the bits you think you can't do. Gaining the easy marks The first point to make is that you do not get any marks for just writing down the formats for a financial statement. But, once you have put the formats down, you are then in a position to start filling in the numbers and getting the easy marks. Also, correct formats will give you a guide so that you don’t miss things. For instance, it’s easy to forget about the minority interest in a group income statement. So that’s a good place to start. Having put down the formats, then go through the workings and slot in the figures. Make sure you get in all the ones you can do easily. Complicated parts are well worth doing if you are able to do them – there will be marks for those. Complicated parts which you don’t know how to do are best left alone. If you have an interpretation question, you will not get many marks for just producing lots of ratios or restating information you have already been given in the question. You have to be able to evaluate the information and see what judgements can be made. So go through the information critically and see which ratios are actually relevant. Then calculate them and say something sensible about them. Revising F7 xi
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Exam information Format of the exam All questions are compulsory. Number of marks Questions 1-3; 25 marks each 75 Question 4 15 Question 5 10 100 Time allowed: 3 hours plus 15 minutes reading time Additional information The Study Guide provides more detailed guidance on the syllabus. December 2009 Marks 1 Consolidated income statement including associate 25 2 Single company statement of comprehensive income and statement of financial position 25 3 Mixed question on non-current assets, cash flows and ROCE 25 4 Scenario question on assets 15 5 Scenario question on EPS 10 100 June 2009 Marks 1 Consolidated statement of financial position including associate 25 2 Prepare income statement and statement of financial position from trial balance 25 3 Statement of cash flows and comment on ratios 25 4 IAS 10 scenario question 15 5 Financial statement extracts for complex asset 10 100 Examiner's comment. The overall performance of candidates in this paper was poor. A significant number of candidates did not attempt either or both of Questions 4 and 5. Answers to sections of the paper requiring written comment, interpretation or analysis were weak or non-existent. December 2008 Marks 1 Consolidated income statement and statement of financial position 25 2 Single company statement of comprehensive income, statement of changes in equity and statement of financial position 25 3 Ratio analysis and comparison of performance for two companies 25 4 Discussion and scenario on provisions 15 5 Non current asset and depreciation – financial statement extracts 10 100 xii Revising F7
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Examiner's comment. There was a generally improved performance at this diet but some areas still need improvement. The best answered sections of the paper were the computational elements, the analysis and discursive areas were much weaker. Some candidates wasted time producing ever-elaborate workings and unnecessary journals which were confusingly presented. This made their scripts very difficult to mark. June 2008 Marks 1 Consolidated income statement plus calculate goodwill on acquisition and discuss treatment of associate 25 2 Redraft financial statements 25 3 Statement of cash flows and comment on cash flow management 25 4 Explain qualitative characteristics and apply to inventory 15 5 Accounting for convertible loan note 10 100 Examiner's comment. I am disappointed in the overall performance of candidates. Answers were weak in sections requiring written comment and analysis, which accounted for 33 marks. The first two questions were done quite well. In question 3 candidates often scored well on the cash flow statement but the interpretation was generally weak. Question 4 was mixed, question 5 on the financial instrument was very badly answered by most candidates. December 2007 Marks 1 Consolidated statement of financial position including associate 25 2 Single company accounts preparation question 25 3 Performance appraisal including calculation of ratios 25 4 Discussion of 'faithful representation' and leasing scenario 15 5 Discussion and scenario on development expenditure 10 100 Examiner's comments. The overall pass rate for this paper was disappointing. Performance was poor on questions requiring written comment and analysis. Many candidates did not answer the question that was asked. The first two questions were generally done well. Candidates did well on the ratios in Question 3, but their analysis was poor. Questions 4 and 5 were not well done. Revising F7 xiii
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Pilot paper Marks 1 Consolidated statement of financial position including associate 25 2 Single company accounts preparation question 25 3 Performance appraisal including calculation of ratios 25 4 Discursive question on qualitative characteristics of financial information including short scenario 15 5 Construction contract 10 100 xiv Revising F7
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Analysis of past papers Below provides an overview of the syllabus and details of when each element has have been examined. Further details are included in the relevant chapter of the knowledge bank. Covered in Pilot Dec June Dec June Dec text chapter paper 2007 2008 2008 2009 2009 A CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 1 The need for a conceptual framework 1 Understandability, relevance, reliability and comparability – Framework qualitative characteristics Q4(a)(b) Q4(a)(b) Q4(a)(b) Q4(a) – Accounting policies, changes in accounting estimates Q4(b) Q5(b) Q2 and errors 1 Recognition and measurement Q4(a) Q4 15 The legal versus the commercial view of accounting Q2 Q2 22 Alternative models and practices (accounting for inflation) Q4(b) 1 The concept of 'faithful representation' ('true and fair Q4(a) view') A REGULATORY FRAMEWORK FOR FINANCIAL REPORTING 2 Reasons for the existence of a regulatory framework 2 The standard setting process 23 Specialised, not-for-profit and public sector entities FINANCIAL STATEMENTS 21 Statements of cash flows Q3 Q3 Q3 4 Tangible non-current assets – Property, plant and equipment Q2 Q2 Q2 Q2, Q5 Q2, Q5 Q2, Q4 – Investment properties Q2 – Government grants – Borrowing costs 5 Intangible assets Q5(a)(b) Q2 Q4 12 Inventories and construction contracts Q2, Q5 Q4(b) Q2, Q4(b) 14 Financial assets and financial liabilities – Fair value through profit or loss Q1(a) Q2 – Amortised cost Q2 Q2 Q2 Q2 Q2 – Convertible debt Q5 16 Leases Q2, Q4(b) Q2 Q4(b) 13 Provisions, contingent liabilities and contingent assets Q2, Q4 Q2 6 Impairment of assets – Group accounting Q1(b) Q1(a) – Other Revising F7 xv
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Pilot Dec June Dec June Dec paper 2007 2008 2008 2009 2009 C FINANCIAL STATEMENTS (CONT'D) C9 Taxation – Current tax Q2 Q2 Q2 Q2 Q2 Q2 – Deferred tax Q2 Q2 Q2 Q2 Q2, Q4(b) C10 Regulatory requirements relating to the preparation of financial statements – Income statement Q2 Q2(a) Q2(a) – Statement of comprehensive income Q2(a) Q2(a) Q2 – Statement of financial position Q2 Q2(b) Q2(c) Q2(c) Q2(b) Q2 – Statement of changes in equity Q2 Q2(b) Q2(b) C11 Reporting financial performance – Discontinued operations – Non-current assets held for sale – Earnings per share Q2(c) Q5 D BUSINESS COMBINATIONS D1 The concept and principles of a group Q1(a) Q1(c) D2 The concept of consolidated financial statements Q1(b) D3 Preparation of consolidated financial statements: – Consolidated income statement Q1(b) Q1(a) Q1 – Consolidated statement of comprehensive income – Consolidated statement of financial position Q1(b) Q1(a) Q1(b) Q1 Q1 – Associates Q1(b) Q1(b) Q1 Q1 E ANALYSING AND INTERPRETING FINANCIAL STATEMENTS E1 Limitations of financial statements E2 Calculation and interpretation of accounting ratios and Q3(a)(b) Q3(a)(b) Q3(b) Q3(a)(b) Q3(b) Q3 trends to address users' and stakeholders' needs E3 Limitations of interpretation techniques Q3(c) Q4 E4 Specialised, not-for-profit and public sector entities Q3(c) xvi Revising F7
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Planning your question practice We have already stressed that question practice should be right at the centre of your revision. Whilst you will spend some time looking at your notes and Paper F7 Passcards, you should spend the majority of your revision time practising questions. We recommend two ways in which you can practise questions. • Use BPP Learning Media's question plan to work systematically through the syllabus and attempt key and other questions on a section-by-section basis • Build your own exams – attempt questions as a series of practice exams These ways are suggestions and simply following them is no guarantee of success. You or your college may prefer an alternative but equally valid approach. BPP Learning Media's question plan The BPP Learning Media plan below requires you to devote a minimum of 30 hours to revision of Paper F7. Any time you can spend over and above this should only increase your chances of success. Step 1 Review your notes and the chapter summaries in the Paper F7 Passcards for each section of the syllabus. Step 2 Answer the key questions for that section. These questions have boxes round the question number in the table below and you should answer them in full. Even if you are short of time you must attempt these questions if you want to pass the exam. You should complete your answers without referring to our solutions. Step 3 Attempt the other questions in that section. Step 4 Attempt Mock exams 1, 2 and 3 under strict exam conditions. Planning your question practice xvii
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2010 Passcards Questions Done Syllabus section chapters in this Kit Comments 5 The conceptual 1 1, 2, 3 Peterlee is a straightforward question on the Framework framework and Derringdo gets you to apply the Framework to the issue of revenue recognition. Make sure you do Porto from the pilot paper. The regulatory 2 4 This question covers a lot of material and is good framework revision. Presentation of 3 12 13 All of these questions are good. Candel and Pricewell published financial are the most recent. statements Non-current assets 4 15 16 Broadoak is a full question on IAS 16, so make sure you do it. The other questions reflect what you may see for a 10 or 15-mark question. Intangible assets 5 19 , 20 Dexterity is a 25-mark on goodwill and intangible assets, so it covers a lot of ground. Emerald is a recent question. Impairment of 6 22 Wilderness is an excellent question on impairment. See assets if you can do it in the time. Reporting financial 7 26 Partway is a recent question on discontinued operations. performance Introduction to 8 27, 28 Question 27 is a good preparation question on the groups basics. Question 28 looks at the effect of related parties on group accounts. This is the context within which the examiner will examine related parties. The consolidated 9 29, 30, 31 Highveldt does not require the whole position statement, statement of but gets you to produce the key workings. Pedantic is financial position from the December 2008 paper. The consolidated 10 32, 33 , 34 Start with the preparation question, and then do Hydan, , income statement which is a recent question. 35 Accounting for 11 36, 37 Do the two preparation questions first and then Patronic associates 40 43 and Pacemaker, which are the latest exam questions. Inventories and 12 44, 47, 48 Start with the preparation question and make sure you construction also do Torrent and Beetie. contracts Provisions, 13 49 51 Make sure you do Bodyline, which is a full question on contingent liabilities provisions. Promoil is a good example of a 15-mark and contingent question from the December 2008 paper. assets Financial assets and 14 53 54 Both of these questions cover calculation of interest financial liabilities costs. Make sure you can do them. The legal versus the 15 55 57 These are good questions on the application of commercial view of substance over form. Do both of them. accounting Leasing 16 59, 60, 61 These are all short questions. Do them all. xviii Planning your question practice
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2010 Passcards Questions Done Syllabus section chapters in this Kit Comments 5 Accounting for 17 62 64 Do the preparation question. Question 63 is good taxation practice for a question on deferred tax. Earnings per share 18 65, 67 Question 67 is part of a recent exam question, so good practice. Analysing and 19 70 71 You must do Greenwood and Victular, which are recent interpreting questions. financial statements Limitations of 20 72 75 Waxwork and Harbin are the most recent questions. financial statements and interpretation techniques Statements of cash 21 76, 81 82 Do the preparation question and Pinto and Coaltown, flows which are the most recent questions. Alternative models 22 84 Update is a typical question on this area. and practices Specialised, not-for- 23 85 You will not get a full question on this. The examiner profit and public has stated that this part-question in the pilot paper is sector entities typical of how it will be examined. Planning your question practice xix
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