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ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Free access to our Exam Paper F7 Success site Financial Reporting Look inside Practice & Revision Kit for exams up to June 2015ThiNganHang.com ThiNganHang.com
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P R A C T I C PAPER F7 E FINANCIAL REPORTING & R E V BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA I qualification. This means we work closely with ACCA to ensure our products fully prepare you for your ACCA exams. S In this Practice and Revision Kit which is has been reviewed by the ACCA examination I team, we: Discuss the best strategies for revising and taking your ACCA exams O Ensure you are well prepared for your exam N ThiNganHang.comProvide you with lots of great guidance on tackling questions Provide you with three mock exams. Provide ACCA exam answers as well as our own for selected questions K Our Passcard and i-Pass products also support this paper. I T FOR EXAMS UP TO JUNE 2015 ThiNganHang.com
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First edition 2008 Eighth edition June 2014 ISBN 9781 4727 1103 8 (previous ISBN 9781 4453 7996 8) e-ISBN 9781 4727 1167 0 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 practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated. Printed in Singapore by Ho Printing 31 Changi South Street 1 Changi South Industrial EstateSingapore486769ThiNganHang.com© BPP Learning Media Ltd 2014 Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. ii ThiNganHang.com
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Contents Page Finding questions Question index .................................................................................................................................................................. v Helping you with your revision..................................................................................................................... ix Revising F7 Topics to revise................................................................................................................................................................. x Question practice .............................................................................................................................................................. x Passing the F7 exam ........................................................................................................................................................ xi Exam information ............................................................................................................................................................ xii Questions and answers Questions..........................................................................................................................................................................3 Answers ..........................................................................................................................................................................97 Exam practice Mock exam 1 Questions ............................................................................................................................................................217 Plan of attack .......................................................................................................................................................227 Answers...............................................................................................................................................................228 Mock exam 2 Questions ............................................................................................................................................................241 Plan of attack .......................................................................................................................................................255 Answers...............................................................................................................................................................256 Mock exam 3 (Specimen paper) Questions ............................................................................................................................................................269 Plan of attack .......................................................................................................................................................281 Answers...............................................................................................................................................................282 ACCA examiner's answers Specimen paper...................................................................................................................................................293 Review form ThiNganHang.com iii ThiNganHang.com
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A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Photocopying our materials is a breach of copyright Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply ‘unlock’ codes to people who have bought them second-hand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? ThiNganHang.com iv ThiNganHang.com
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Question index The headings in this checklist/index indicate the main topics of questions, but many questions cover several different topics. Each topic area begins with MCQs on the topic. Your exam will have 20 MCQs. Examiner's answers. For the Mock exam 3 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 MCQs – conceptual framework 10 18 3 97 2 Lisbon (pilot paper amended) 15 27 4 97 3 Concepts (6/08 amended) 15 27 4 98 Part 2: The regulatory framework 4 MCQs – regulatory framework 6 11 5 100 5 Baxen (6/12 amended) 15 27 5 100 6 Regulatory framework (2.5 12/04 amended) 15 27 6 101 Part 3: Presentation of published financial statements 7 MCQs – presentation of published financial statements 10 18 7 103 8 Preparation question: Candel (12/08) – – 8 103 9 Preparation question: Dexon – – 9 105 10 Highwood (6/11 amended) 30 54 10 108 11 Keystone (12/11 amended) 30 54 12 111 12 Fresco (6/12 amended) 30 54 13 114 Part 4: Non-current assets 13 MCQs – non-current assets 20 36 15 119 14 Preparation question: Plethora plc – – 17 120 15 Dearing (12/08 amended) 15 27 18 121 16 Flightline (6/09 amended) 15 27 18 122 Part 5: Intangible assets17 MCQs – intangible assets18 Emerald (12/07 amended)ThiNganHang.com158 1427 2020 125125 19 Dexterity (2.5 6/04 amended) 15 27 21 127 20 Darby (12/09) 15 27 22 128 Finding questions v ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Part 6: Impairment of assets 21 MCQs – impairment of assets 12 22 23 130 22 Telepath (6/12) 15 27 24 131 Part 7: Reporting financial performance 23 MCQs – reporting financial performance 8 14 26 133 24 Preparation question: Partway (2.5 12/06 amended) – – 26 133 25 Tunshill (12/10) 15 27 27 134 26 Manco (12/10 amended) 15 27 28 136 Part 8: Introduction to groups 27 MCQs – introduction to groups 10 18 29 138 28 Preparation question: Group financial statements – – 30 138 29 Preparation question with helping hands: Simple consolidation – – 30 138 Part 9: Consolidated statement of financial position 30 MCQs – consolidated statement of financial position 12 22 32 141 31 Preparation question: Goodwill – – 33 142 32 Pedantic (12/08 amended) 30 54 34 142 Part 10: Consolidated statement of profit or loss and other comprehensive income 33 MCQs – consolidated statement of profit or loss and OCI 8 14 36 146 34 Preparation question: Acquisition during the year – – 37 146 35 Preparation question: Pandar (12/09 amended) – – 38 148 36 Viagem (12/12 amended) 15 27 39 151 37 Prodigal (6/11 amended) 30 54 40 152 Part 11: Accounting for associates 38 MCQs – accounting for associatesThiNganHang.com10 18 43 156 39 Preparation question: Laurel – – 44 156 40 Preparation question: Tyson – – 47 158 41 Preparation question: Plateau (12/07 amended) – – 48 159 42 Paladin (12/11 amended) 30 54 50 162 vi Finding questions ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Part 12: Inventories and biological assets 43 MCQs –inventories and biological assets 18 32 52 165 Part 13: Provisions, contingent liabilities and contingent assets 44 MCQs – provisions, contingent liabilities and contingent assets 8 14 54 166 45 Promoil (12/08) 15 27 55 166 46 Borough (12/11) 15 27 55 167 47 Shawler (12/12 amended) 15 27 56 169 Part 14: Financial instruments 48 MCQs – financial instruments 8 14 57 170 49 Bertrand (12/11 amended) 15 27 58 171 Part 15: Revenue 50 MCQs - revenue 20 18 59 173 51 Preparation question: Derringdo – – 61 174 52 Preparation question: Contract – – 62 175 53 Preparation question: Beetie (pilot paper amended) – – 63 176 54 Mocca (6/11 amended) 15 27 63 178 55 Wardle (6/10 amended) 15 27 64 179 Part 16: Leasing 56 MCQs - leasing 10 18 65 181 57 Preparation question: Branch – – 66 182 58 Fino (12/07 amended) 15 27 66 183 Part 17: Accounting for taxation 59 MCQs – accounting for taxation 10 18 67 185 60 Preparation question: Julian – – 68 186 Part 18: Earnings per share61 Preparation question: BowtockThiNganHang.com– – 69 186 62 MCQs – earnings per share 10 18 70 188 63 Preparation question: Fenton – – 71 189 64 Barstead (12/09 amended) 15 27 72 190 65 Rebound (6/11 amended) 15 27 72 192 Finding questions vii ThiNganHang.com
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Time Page number allocation Marks Mins Question Answer Part 19: Analysing and interpreting financial statements 66 MCQs – analysing and interpreting financial statements 12 22 74 194 67 Preparation question: Victular (12/08) – – 75 194 68 Bengal (6/11 amended) 15 27 77 196 Part 20: Limitations of financial statements and interpretation techniques 69 MCQs – limitations of FSs and interpretation techniques 14 25 79 198 70 Waxwork (6/09) 15 27 80 198 71 Quartile (12/12 amended) 15 27 81 199 Part 21: Statement of cash flows 72 MCQs – statement of cash flows 8 14 83 201 73 Preparation question: Dickson – – 84 202 74 Mocha (12/11) 30 54 87 205 Part 22: Alternative models and practices 75 MCQs – alternative models and practices 10 18 89 209 76 Preparation question: Changing prices – – 90 209 77 Update (2.5 6/03 part amended) 15 27 91 210 Part 23: Specialised not-for-profit and public sector entities 78 MCQs – specialised, not-for-profit and public sector entities 10 18 92 211 79 Preparation question: Appraisal – – 93 212 Mock exam 1 Mock exam 2ThiNganHang.com Mock exam 3 (Specimen paper) viii Finding questions ThiNganHang.com
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Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use exam team–reviewed revision materials. By incorporating the examination team’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Tackling revision and the exam Using feedback obtained from ACCA exam team review: 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 a full question index to help you plan your revision. 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 comments from the examiners to show you where students struggled or performed well in the actual exam. We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions. In a bank at the end of this Kit we include the official ACCA answers to the Specimen paper. 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 syllabus coverage of the exam;There are three mock exams that provide practice at coping with the pressures of the exam day. We stronglyrecommend that you attempt them under exam conditions.ThiNganHang.comMock exam 3 is the Specimen paper.Mock exams 1 and 2 reflect the question styles and Revising F7 ix ThiNganHang.com
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Revising F7 Topics to revise From December 2014 the F7 paper has a Section A with twenty MCQs. This gives the examiner greater scope to examine the whole of the syllabus and bring in topics that do not feature in the longer questions. The MCQ section accounts for 40% of the marks on the paper. So it is really not possible to pass this paper by only revising certain topics. The MCQ section will be followed by three long questions, which are most likely to be consolidations, accounts preparation questions, statements of cash flows or interpretation of accounts, but questions on other areas of the syllabus are also possible. A consolidation question can be a statement of financial position or statement of profit or loss or both, and it may 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. A single company accounts preparation question 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. Other possibilities are statements of cash flow or interpretation of accounts. You have studied both of these at F3/FFA, so make sure you can do them well. Issues that could appear anywhere are non-current assets and impairment, intangible assets, EPS, provisions and regulatory issues. 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 Conceptual Framework or specific accounting standards. Question practice This is the most important thing to do if you want to get through. Many of the most up-to-date exam questions are in this Kit, some of them amended to reflect the new exam format. Practise 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. ThiNganHang.com x Revising F7 ThiNganHang.com
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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. These apply particularly to the long questions. 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 consolidation with a five-mark discussion topic at the end, leave time for that last part. You can’t afford to throw away five 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 non-controlling interest in a group statement of profit or loss. 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.ThiNganHang.com 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. Multiple choice questions Some MCQs are easier than others. Answer those that you feel confident about as quickly as you can. Come back later to those you find more difficult. Read the multiple choice questions carefully. If you are really clear about what is being asked then you will be less likely to fall for one of the distractors. If you really cannot do a question, guess the answer and move on. You lose no marks for a wrong answer and you may even be right! Revising F7 xi ThiNganHang.com
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Exam information Format of the exam All questions are compulsory. Number of marks Section A – 20 MCQs 40 Section B: Question 1 15 Question 2 15 Question 3 30 100 Time allowed: 3 hours plus 15 minutes reading time ThiNganHang.com xii Revising F7 ThiNganHang.com
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1 Multiple choice questions – conceptual framework 1 How does the Conceptual Framework define an asset? A A resource owned by an entity as a result of past events and from which future economic benefits are expected to flow to the entity B A resource over which an entity has legal rights as a result of past events and from which economic benefits are expected to flow to the entity C A resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity D A resource to which an entity has a future commitment as a result of past events and from which future economic benefits are expected to flow from the entity (2 marks) 2 Which one of the following would be classified as a liability? A Dexter's business manufactures a product under licence. In 12 months' time the licence expires and Dexter will have to pay $50,000 for it to be renewed. B Reckless purchased an investment 9 months ago for $120,000. The market for these investments has now fallen and Reckless's investment is valued at $90,000. C Carter has estimated the tax charge on its profits for the year just ended as $165,000. D Expansion is planning to invest in new machinery and has been quoted a price of $570,000. (2 marks) 3 Which one of the following would correctly describe the net realisable value of a two year old asset? A The original cost of the asset less two years' depreciation B The amount that could be obtained from selling the asset, less any costs of disposal C The cost of an equivalent new asset less two years' depreciation D The present value of the future cash flows obtainable from continuing to use the asset (2 marks) 4 The Conceptual Framework identifies an underlying assumption in preparing financial statements. This is: A Going concern B Materiality C Substance over form D Accruals (2 marks) 5 The Conceptual Framework identifies four enhancing qualitative characteristics of financial information. For which of these characteristics is disclosure of accounting policies particularly important? A Verifiability B Timeliness ThiNganHang.comCD UnderstandabilityComparability (2 marks) Questions 3 ThiNganHang.com
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2 Lisbon (pilot paper amended) 27 mins (a) The qualitative characteristics of relevance, faithful representation, comparability and understandability identified in the IASB's Conceptual Framework for Financial Reporting are some of the attributes that make financial information useful to the various users of financial statements. Required Explain what is meant by relevance, faithful representation, comparability and understandability and how they make financial information useful. (11 marks) (b) During the year ended 31 March 20X6, Lisbon experienced the following transactions or events. (i) Sold an asset to a finance company and leased it back for the remainder of its useful life. (ii) The company's statement of profit or loss prepared using historical costs showed a loss from operating its shops, but the company is aware that the increase in the value of its properties during the period far outweighed the operating loss. Required Explain how you would treat the items above in Lisbon's financial statements and indicate on which of the Conceptual Framework's qualitative characteristics your treatment is based. (4 marks) (Total = 15 marks) 3 Concepts (6/08 amended) 27 mins (a) The IASB's Conceptual Framework for Financial Reporting requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are: Matching/accruals Going concern Verifiability Comparability Materiality Required Briefly explain the meaning of each of the above concepts/assumptions. (5 marks) (b) For most entities, applying the appropriate concepts/assumptions in accounting for inventories is an important element in preparing their financial statements. Required Illustrate with examples how each of the concepts/assumptions in (a) may be applied to accounting for inventory. (10 marks) (Total = 15 marks) ThiNganHang.com 4 Questions ThiNganHang.com
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4 Multiple choice questions – regulatory framework 1 The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB? A Publication of an Exposure Draft B Establishment of an Advisory Committee C Consultation with the Advisory Committee D Issue of a final IFRS (2 marks) 2 Which one of the following would not be an advantage of adopting IFRS? A It would be easier for investors to compare the financial statements of companies with those of foreign competitors. B Cross-border listing would be facilitated. C Accountants and auditors would have more defence in case of litigation. D Multinational companies could more easily transfer accounting staff across national borders. (2 marks) 3 Which of the following statements regarding systems of regulation of accounting are true? (i) A principles-based system is more prescriptive than a rules-based system. (ii) A rules-based system will require more detailed regulations than a principles-based system. (iii) A principles-based system will tend to give rise to a larger number of accounting standards than a rules-based system. (iv) A rules-based system seeks to cover every eventuality. (v) A rules-based system requires the exercise of more judgement in application than a principles – based system. A (i) and (iii) B (ii) and (iv) C (i), (ii) and (v) D (iii), (iv) and (v) (2 marks) 5 Baxen (6/12 amended) 27 mins (a) The US is currently contemplating the transition to IFRS. US GAAP is regarded by many in the US as the 'gold standard'. It is detailed and rules-based and in many cases industry-specific and there is a perception among some that the adoption of IFRS will compromise the quality of financial reporting. ThiNganHang.comRequired (i) Explain in what ways IFRS differs from US GAAP, as described above. (ii) Discuss the advantages that a country may gain from transitioning to IFRS. (9 marks) (b) Baxen is a public listed company that currently uses local Accounting Standards for its financial reporting. The board of directors of Baxen is considering the adoption of International Financial Reporting Standards (IFRS) in the near future. The company has ambitious growth plans which involve extensive trading with many foreign companies and the possibility of acquiring at least one of its trading partners as a subsidiary in the near future. Required Identify the advantages that Baxen could gain by adopting IFRS for its financial reporting purposes. (6 marks) (Total = 15 marks) Questions 5 ThiNganHang.com
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6 Regulatory framework (2.5 12/04 amended) 27 mins Historically financial reporting throughout the world has differed widely. The IFRS Foundation is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. The various pronouncements of the IFRS Foundation are sometimes collectively referred to as International Financial Reporting Standards (IFRS) GAAP. Required (a) Describe the IFRS Foundation's standard setting process including how standards are produced, enforced and occasionally supplemented. (10 marks) (b) Comment on whether you feel the move to date towards global accounting standards has been successful. (5 marks) (Total = 15 marks) ThiNganHang.com 6 Questions ThiNganHang.com
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7 Multiple choice questions – presentation of published financial statements 1 Which one of the following would not necessarily lead to a liability being classified as a current liability? A The liability is expected to be settled in the course of the entity's normal operating cycle. B The liability has arisen during the current accounting period. C The liability is held primarily for the purpose of trading. D The liability is due to be settled within 12 months after the end of the reporting period. (2 marks) 2 Which one of the following would be shown in the 'other comprehensive income' section of the statement of profit or loss and other comprehensive income? A A revaluation gain on an investment property B Profit on sale of an investment C Receipt of a government grant D Gain on revaluation of a factory building (2 marks) 3 Which of the following are not items required by IAS 1 Presentation of Financial Statements to be shown on the face of the statement of financial position? A Inventories B Provisions C Government grants D Intangible assets (2 marks) 4 How does IAS 1 define the 'operating cycle' of an entity? A The time between acquisition of assets for processing and delivery of finished goods to customers B The time between delivery of finished goods and receipt of cash from customers C The time between acquisition of assets for processing and payment of cash to suppliers D The time between acquisition of assets for processing and receipt of cash from customers (2 marks) 5 Where are equity dividends paid presented in the financial statements? A As a deduction from retained earnings in the statement of changes in equity B As a liability in the statement of financial position C As an expense in profit or loss D As a loss in 'other comprehensive income' (2 marks) ThiNganHang.com Questions 7 ThiNganHang.com
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