ACCA paper f7 financial reporting exam kit
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Professional Examinations
Paper F7
Financial Reporting
EXAM KIT
P AP ER F 7: F IN AN CI AL RE POR T IN G
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library.
Published by:
Kaplan Publishing UK
Unit 2 The Business Centre
Molly Millar’s Lane
Wokingham
Berkshire
RG41 2QZ
ISBN: 978-1-78415-229-1
© Kaplan Financial Limited, 2015
Printed and bound in Great Britain
The text in this material and any others made available by any Kaplan Group company does not
amount to advice on a particular matter and should not be taken as such. No reliance should be
placed on the content as the basis for any investment or other decision or in connection with any
advice given to third parties. Please consult your appropriate professional adviser as necessary.
Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to
any person in respect of any losses or other claims, whether direct, indirect, incidental,
consequential or otherwise arising in relation to the use of such materials.
All rights reserved. No part of this examination may be reproduced or transmitted in any form or
by any means, electronic or mechanical, including photocopying, recording, or by any information
storage and retrieval system, without prior permission from Kaplan Publishing.
Acknowledgements
The past ACCA examination questions are the copyright of the Association of Chartered Certified
Accountants. The original answers to the questions from June 1994 onwards were produced by
the examiners themselves and have been adapted by Kaplan Publishing.
We are grateful to the Chartered Institute of Management Accountants and the Institute of
Chartered Accountants in England and Wales for permission to reproduce past examination
questions. The answers have been prepared by Kaplan Publishing.
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KA PL AN P U BLI SH IN G
CONTENTS
Page
Index to questions and answers
v
Analysis of past exam papers
xi
Exam technique
xiii
Paper specific information
xv
Kaplan’s recommended revision approach
xix
Kaplan’s detailed revision plan
xxiii
Technical update
xxvii
Section
1
Objective Test Questions – Section A
1
2
Practice Questions – Section B
3
Answers to Objective Test Questions – Section A
159
4
Answers to Practice Questions – Section B
193
51
Specimen exam
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P AP ER F 7: F IN AN CI AL RE POR T IN G
Key features in this edition
In addition to providing a wide ranging bank of real past exam questions, we have also included
in this edition:
•
An analysis of all of the recent examination papers.
•
Paper specific information.
•
Our recommended approach to make your revision for this particular subject as effective
as possible. This includes step by step guidance on how best to use our Kaplan material
(Complete text, pocket notes and exam kit) at this stage in your studies.
•
Enhanced tutorial answers packed with specific key answer tips, technical tutorial notes
and exam technique tips from our experienced tutors.
•
Complementary online resources including full tutor debriefs and question assistance to
point you in the right direction when you get stuck.
You will find a wealth of other resources to help you with your studies on the following sites:
www.mykaplan.co.uk
www.kaplan-exam-tips.com
www.accaglobal.com/students/
Quality and accuracy are of the utmost importance to us so if you spot an error in any of our
products, please send an email to with full details, or follow the
link to the feedback form in MyKaplan.
Our Quality Co-ordinator will work with our technical team to verify the error and take action to
ensure it is corrected in future editions.
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INDEX TO QUESTIONS AND ANSWERS
INTRODUCTION
Following the revised exam format, and the addition of IFRS 15 Revenue and the November 2013
update to IFRS 9 Financial Instruments, many of the previous ACCA exam questions within this kit
have been adapted to reflect updated standards, and the revised exam format. If changed in any
way from the original version, whether due to updates in the IFRSs or due to changes in exam
format, this is indicated in the end column of the index below with the mark (A).
The specimen paper is included at the end of the kit.
KEY TO THE INDEX
PAPER ENHANCEMENTS
We have added the following enhancements to the answers in this exam kit:
Key answer tips
All answers include key answer tips to help your understanding of each question.
Tutorial note
All answers include more tutorial notes to explain some of the technical points in more detail.
Top tutor tips
For selected questions, we 'walk through the answer' giving guidance on how to approach the
questions with helpful ‘tips from a top tutor’, together with technical tutor notes.
These answers are indicated with the 'footsteps' icon in the index.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
ONLINE ENHANCEMENTS
Timed question with Online tutor debrief
For selected questions, we recommend that they are to be completed in full exam conditions (i.e.
properly timed in a closed book environment).
In addition to the examiner’s technical answer, enhanced with key answer tips and tutorial notes
in this exam kit, online you can find an answer debrief by a top tutor that:
•
works through the question in full
•
points out how to approach the question
•
how to ensure that the easy marks are obtained as quickly as possible, and
•
emphasises how to tackle exam questions and exam technique.
These questions are indicated with the 'clock' icon in the index.
Online question assistance
Have you ever looked at a question and not know where to start, or got stuck part way through?
For selected questions, we have produced 'Online question assistance' offering different levels of
guidance, such as:
•
ensuring that you understand the question requirements fully, highlighting key terms and
the meaning of the verbs used
•
how to read the question proactively, with knowledge of the requirements, to identify the
topic areas covered
•
assessing the detail content of the question body, pointing out key information and
explaining why it is important
•
help in devising a plan of attack
With this assistance, you should then be able to attempt your answer confident that you know
what is expected of you.
These questions are indicated with the 'signpost' icon in the index.
Online question enhancements and answer debriefs will be available on MyKaplan at:
www.MyKaplan.co.uk
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IN DE X TO Q UE S T ION S A N D A N S WE R S
Page number
Question Answer
Past exam
SECTION A-TYPE QUESTIONS
Conceptual framework/International Financial Reporting
Standards
1
159
Statement of cash flows
34
181
Consolidated financial statements
37
183
Interpretation of financial statements
45
189
SECTION B-TYPE QUESTIONS
CONCEPTUAL FRAMEWORK/FINANCIAL STATEMENTS
161
Financial statements
51
193
Jun 08
162
Fino
52
196
Dec 07
163
Wardle
52
198
Jun 10
164
Tunshill
53
200
Dec 10
165
Promoil
54
202
Dec 08
166
Waxwork
55
203
Jun 09
167
Darby
55
206
Dec 09
168
Rebound
57
209
Jun 11
169
Borough
58
211
Dec 11
170
Telepath
59
213
Jun 12
171
Lobden
60
214
Dec 12
172
Radar
61
217
Jun 13
173
Laidlaw
62
218
Dec 13
174
Enca
63
220
Jun 14
175
Fundo
64
222
Dec 13
176
Speculate
65
223
Jun 13
177
Bertrand
65
224
Dec 11
178
Shawler
66
226
Dec 12
179
Flightline
67
227
Jun 09
180
Apex
68
229
Jun 10
181
Barstead
68
231
Dec 09
182
Skeptic
69
233
Jun 14
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P AP ER F 7: F IN AN CI AL RE POR T IN G
PREPARATION OF SINGLE COMPANY FINANCIAL STATEMENTS
Page number
Question
Answer
Past exam
183
Llama
70
235
Dec 07 (A)
184
Dexon
72
239
Jun 08 (A)
185
Cavern
74
245
Dec 10 (A)
186
Candel
76
249
Dec 08 (A)
187
Pricewell
78
254
Jun 09 (A)
188
Sandown
80
258
Dec 09 (A)
189
Highwood
82
262
Jun 11 (A)
190
Keystone
84
267
Dec 11 (A)
191
Fresco
86
271
Jun 12 (A)
192
Quincy
88
275
Dec 12 (A)
193
Atlas
90
279
Jun 13 (A)
194
Moby
92
284
Dec 13 (A)
195
Xtol
94
289
Jun 14 (A)
196
Wellmay
96
291
Jun 07 (A)
197
Dune
98
294
Jun 10 (A)
198
Tourmalet
99
298
Dec 03 (A)
199
Kandy
101
301
Dec 14
200
Minster
102
304
Dec 06 (A)
201
Tabba
104
307
Dec 05 (A)
202
Coaltown
106
311
Jun 09 (A)
203
Monty
108
314
Jun 13 (A)
204
Kingdom
110
317
Dec 13 (A)
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IN DE X TO Q UE S T ION S A N D A N S WE R S
BUSINESS COMBINATIONS
Page number
Question Answer
Past exam
205
Premier
112
320
Dec 10 (A)
206
Parentis
114
325
Jun 07 (A)
207
Plateau
116
328
Dec 07 (A)
208
Patronic
117
332
Jun 08 (A)
209
Pedantic
119
336
Dec 08 (A)
210
Pandar
121
340
Dec 09 (A)
211
Picant
123
345
Jun 10 (A)
212
Prodigal
125
348
Jun 11 (A)
213
Paladin
127
353
Dec 11 (A)
214
Pyramid
129
357
Jun 12 (A)
215
Viagem
131
360
Dec 12 (A)
216
Paradigm
132
362
Jun 13 (A)
217
Polestar
134
365
Dec 13 (A)
218
Penketh
136
369
Jun 14 (A)
219
Plastik
137
371
Dec 14
ANALYSING FINANCIAL STATEMENTS
Page number
Question
Answer
Past exam
220
Hardy
140
375
Dec 10 (A)
221
Pinto
142
378
Jun 08 (A)
222
Harbin
144
379
Dec 07 (A)
223
Greenwood
146
382
Jun 07 (A)
224
Victular
148
384
Dec 08 (A)
225
Quartile
150
387
Dec 12 (A)
226
Bengal
152
389
Jun 11 (A)
227
Woodbank
154
390
Jun 14 (A)
228
Xpand
156
393
Dec 14
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P AP ER F 7: F IN AN CI AL RE POR T IN G
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ANALYSIS OF PAST EXAM PAPERS
The table summarises the key topics that have been tested in F7 exams to date. A much wider
range of topics will now be examined following the introduction of multiple choice questions.
Jun
10
Group financial statements
Consolidated statement of
profit or loss and other
comprehensive income
Consolidated statement of
financial position
Consolidated P/L and SFP
Associates
Non-group financial
statements
From trial balance
Redraft
Statement of changes in
equity
Statement of cash flows
Performance appraisal
Ratios
Mixed transactional
IASB Framework
Accounting principles/
substance
Not for profit/specialised
entities
IAS 2
IAS 8
IAS 10
IAS 12
IAS 16
IAS 17
IAS 20
IAS 23
IAS 32/IAS 39/IFRS 7/IFRS 9
IAS 33
IAS 36
IAS 37
IAS 38
IAS 40
IAS 41
IFRS 5
IFRS 13
IFRS 15
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Dec
10
Jun
11
Dec
11
Jun
12
Jun
13
Specimen
14
Dec
14
Jun
14
Dec
13
Dec
12
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P AP ER F 7: F IN AN CI AL RE POR T IN G
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EXAM TECHNIQUE
•
Use the allocated 15 minutes reading and planning time at the beginning of the exam:
–
read the questions and examination requirements carefully, and
–
begin planning your answers.
See the Paper Specific Information for advice on how to use this time for this paper.
•
Divide the time you spend on questions in proportion to the marks on offer:
–
there are 1.8 minutes available per mark in the examination
–
within that, try to allow time at the end of each question to review your answer and
address any obvious issues
Whatever happens, always keep your eye on the clock and do not over run on any part of
any question!
•
If you get completely stuck with a question:
–
leave space in your answer book, and
–
return to it later.
•
Stick to the question and tailor your answer to what you are asked.
–
pay particular attention to the verbs in the question.
•
If you do not understand what a question is asking, state your assumptions.
Even if you do not answer in precisely the way the examiner hoped, you should be given some
credit, if your assumptions are reasonable.
•
You should do everything you can to make things easy for the marker.
The marker will find it easier to identify the points you have made if your answers are legible.
•
Written questions:
Your answer should have:
–
a clear structure
–
a brief introduction, a main section and a conclusion.
Be concise.
It is better to write a little about a lot of different points than a great deal about one or two
points.
•
Computations:
It is essential to include all your workings in your answers.
Many computational questions require the use of a standard format:
e.g. statement of profit or loss and other comprehensive income, statement of financial position
and statement of cash flow.
Be sure you know these formats thoroughly before the exam and use the layouts that you see
in the answers given in this book and in model answers.
•
Multiple-choice questions:
Decide whether you want to attempt these at the start of the exam or at the end.
No credit for workings will be given in these questions; the answers will either be correct
(2 marks) or incorrect (0 marks).
Read the question carefully, as the alternative answer choices will be given based on common
mistakes that could be made in attempting the question.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
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PAPER SPECIFIC INFORMATION
THE EXAM
FORMAT OF THE EXAM
The exam will be in TWO sections, and will be a mix of narrative and computational answers.
Section A will be 20 multiple choice questions, each worth 2 marks. Section B will consist of two
15 mark questions and one 30 mark question.
Section A:
Section B:
Question 1:
Question 2:
Question 3:
Twenty 2-mark multiple choice questions
Number of marks
40
Any area of the syllabus
Any area of the syllabus
Single company or group preparation of financial statements
15
15
30
_______
100
_______
Total time allowed:
3 hours plus 15 minutes reading and planning time.
Note that:
•
The F7 will have both a discursive and computational element. The multiple choice
questions will therefore include a mix of calculation-based and explanations-based
questions.
•
There is likely to be a longer discussion element in either question 1 or 2 of section B.
•
Question 3 will require the preparation of a set of financial statements, either for an
individual company or group.
PASS MARK
The pass mark for all ACCA Qualification examination papers is 50%.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
READING AND PLANNING TIME
Remember that all three hour paper based examinations have an additional 15 minutes reading
and planning time.
ACCA GUIDANCE
ACCA guidance on the use of this time is as follows:
This additional time is allowed at the beginning of the examination to allow candidates to read
the questions and to begin planning their answers before they start to write in their answer
books.
This time should be used to ensure that all the information and, in particular, the exam
requirements are properly read and understood.
During this time, candidates may only annotate their question paper. They may not write anything
in their answer booklets until told to do so by the invigilator.
KAPLAN GUIDANCE
As all questions are compulsory, there are no decisions to be made about choice of questions,
other than in which order you would like to tackle them.
Therefore, in relation to F7, we recommend that you take the following approach with your
reading and planning time:
•
Use the planning time to make notes on the large questions. This will involve noting where
items should go in the financial statements, or the double entries needed based on
adjustments given in the narrative.
•
Write down on the question paper next to the mark allocation the amount of time you
should spend on each part. Do this for each part of every question.
•
Decide the order in which you think you will attempt each question:
This is a personal choice and you have time on the revision phase to try out different
approaches, for example, if you sit mock exams.
A common approach is to tackle the multiple choice questions first, so they are out of the
way and dealt with.
Others may prefer to tackle the longest questions first, as they will take longer than the
individual questions in section A.
Whatever your approach, you must make sure that you leave enough time to attempt all
questions fully and be very strict with yourself in timing each question.
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PAPE R SPE CI FI C I N F OR M A TION
•
For each question in turn, read the requirements and then the detail of the question
carefully.
Always read the requirement first as this enables you to focus on the detail of the
question with the specific task in mind.
For computational questions:
Highlight key numbers/information and key words in the question, scribble notes to
yourself on the question paper to remember key points in your answer.
Jot down proformas required if applicable.
For multiple choice questions:
Read the question extremely carefully. All of the choices given are likely to be potential
answers people could get if one or more errors are made, so take your time on these.
For longer questions:
Spot the easy marks to be gained in a question and parts which can be performed
independently of the rest of the question. For example laying out basic proformas correctly,
answer written elements not related to the scenario etc.
Make sure that you do these parts first when you tackle the question.
Don’t go overboard in terms of planning time on any one question – you need a good
measure of the whole paper and a plan for all of the questions at the end of the 15
minutes.
By covering all questions you can often help yourself as you may find that facts in one
question may remind you of things you should put into your answer relating to a different
question.
•
With your plan of attack in mind, start answering your chosen section with your plan to
hand, as soon as you are allowed to start.
Always keep your eye on the clock and do not over run on any part of any question!
DETAILED SYLLABUS
The detailed syllabus and study guide written by the ACCA can be found at:
www.accaglobal.com/students/
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P AP ER F 7: F IN AN CI AL RE POR T IN G
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KAPLAN’S RECOMMENDED REVISION
APPROACH
QUESTION PRACTICE IS THE KEY TO SUCCESS
Success in professional examinations relies upon you acquiring a firm grasp of the required
knowledge at the tuition phase. In order to be able to do the questions, knowledge is essential.
However, the difference between success and failure often hinges on your exam technique on the
day and making the most of the revision phase of your studies.
The Kaplan complete text is the starting point, designed to provide the underpinning knowledge
to tackle all questions. However, in the revision phase, pouring over text books is not the answer.
Kaplan Online knowledge check tests help you consolidate your knowledge and understanding
and are a useful tool to check whether you can remember key topic areas.
Kaplan pocket notes are designed to help you quickly revise a topic area, however you then need
to practice questions. There is a need to progress to full exam standard questions as soon as
possible, and to tie your exam technique and technical knowledge together.
The importance of question practice cannot be over-emphasised.
The recommended approach below is designed by expert tutors in the field, in conjunction with
their knowledge of the examiner and their recent real exams.
The approach taken for the fundamental papers is to revise by topic area.
You need to practice as many questions as possible in the time you have left.
OUR AIM
Our aim is to get you to the stage where you can attempt exam standard questions confidently, to
time, in a closed book environment, with no supplementary help (i.e. to simulate the real
examination experience).
Practising your exam technique on real past examination questions, in timed conditions, is also
vitally important for you to assess your progress and identify areas of weakness that may need
more attention in the final run up to the examination.
In order to achieve this we recognise that initially you may feel the need to practice some
questions with open book help and exceed the required time.
The approach below shows you which questions you should use to build up to coping with exam
standard question practice, and references to the sources of information available should you
need to revisit a topic area in more detail.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
Remember that in the real examination, all you have to do is:
•
attempt all questions required by the exam
•
only spend the allotted time on each question, and
•
get them at least 50% right!
Try and practice this approach on every question you attempt from now to the real exam.
Previously, the exam format meant that students were able to attempt some form of ‘question
spotting’ as there were three large topic areas. Following the introduction of multiple choice
questions, this will no longer be the case and to pass F7, students will need to understand
information from the wide range of topics across the syllabus.
EXAMINER COMMENTS
We have included some of the examiners comments to the examination questions in this kit for
you to see the main pitfalls that students fall into with regard to technical content.
However, too many times in the general section of the report, the examiner comments that
students had failed due to:
•
'misallocation of time'
•
'running out of time' and
•
showing signs of 'spending too much time on an earlier question and clearly rushing the
answer to a subsequent question'.
Good exam technique is vital.
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KA PL AN P U BLI SH IN G
THE KAPLAN PAPER F7 REVISION PLAN
Stage 1: Assess areas of strengths and weaknesses
Review the topic listings in the revision table plan below
Determine whether or not the area is one with which you are comfortable
Comfortable
with the technical content
Not comfortable
with the technical content
Read the relevant chapter(s) in
Kaplan’s Complete Text
Attempt the Test your understanding
examples if unsure of an area
Attempt appropriate Online Progress
Tests
Review the pocket notes on this area
Stage 2: Practice questions
Follow the order of revision of topics as recommended in the revision table plan below and
attempt the questions in the order suggested.
Try to avoid referring to text books and notes and the model answer until you have completed
your attempt.
Try to answer the question in the allotted time.
Review your attempt with the model answer and assess how much of the answer you achieved in
the allocated exam time.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
Fill in the self-assessment box below and decide on your best course of action.
Comfortable with question attempt
Only revisit when comfortable with
questions on all topic areas
Not comfortable with question attempts
Focus on these areas by:
•
Reworking test your understanding
examples in Kaplan’s Complete Text
•
Revisiting the technical content from
Kaplan’s pocket notes
•
Working any remaining questions on
that area in the exam kit
•
Reattempting an exam standard
question in that area, on a timed,
closed book basis
Note that:
The 'footsteps questions' give guidance on exam techniques and how you should have
approached the question.
The 'clock questions' have an online debrief where a tutor talks you through the exam
technique and approach to that question and works the question in full.
Stage 3: Final pre-exam revision
We recommend that you attempt at least one three hour mock examination containing a set of
previously unseen exam standard questions.
It is important that you get a feel for the breadth of coverage of a real exam without advanced
knowledge of the topic areas covered – just as you will expect to see on the real exam day.
Ideally this mock should be sat in timed, closed book, real exam conditions and could be:
•
a mock examination offered by your tuition provider, and/or
•
the specimen paper in the back of this exam kit, and/or
•
the last real examination paper (available shortly afterwards on MyKaplan with 'enhanced
walk through answers' and a full 'tutor debrief').
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KAPLAN’S DETAILED REVISION PLAN
Topic
Consolidated statement
of financial position
Complete
Text
Chapter
note
Chapter
Questions to
attempt
Tutor guidance
17/19
17/19
206
Practice the Kaplan 5 working
approach. Ensure you get the easy
marks available in the question from
adding the parent and subsidiary
assets and liabilities together.
207
211
213
Date
attempted
Self assessment
216
Consolidated statement
of profit or loss and
other comprehensive
income
Consolidated statement
of profit or loss and
other comprehensive
income and statement
of financial position
KA PL AN P U BLI SH IN G
18/19
18/19
208
210
215
218
205
209
217
219
Watch the dates carefully – is there
a mid-year acquisition? If so you
have to time apportion the
subsidiary company results when
adding the parent and subsidiary
together.
Set up your proformas first and get
the easy marks by adding the parent
and subsidiary results together –
then complete the 5 standard
statement of financial position
workings before moving on to
complete the statement of profit or
loss and other comprehensive
income.
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P AP ER F 7: F IN AN CI AL RE POR T IN G
Topic
Complete
Text
Chapter
note
Chapter
Questions to
attempt
Tutor guidance
2
2
167
Be clear on initial recognition rules
and subsequent measurement for
PPE,
intangible
assets
and
investment properties. Ensure you
understand how to deal with assets
held for sale.
Date
attempted
Self assessment
Accounting standards:
Non-current assets
(IAS 16, IAS 38, IAS 40,
IFRS 5)
172
174
179
1–6, 19
IAS 23
2
2
180
7
IAS 36
4
4
170
14–18
IAS 17
9
9
162
50–57
IAS 37
12
12
165
169
84, 87–89
IAS 10
12
12
166
86
IFRS 15
11
11
171
69–77
xx i v
Ensure you know the definition of
borrowing costs at the 3 recognition
and 2 derecognition criteria.
Learn the impairment test proforma
and the cash generating unit write
down rules.
Be sure you can identify the
differences between an operating
and a finance lease.
For IAS 37 the recognition rules are
very clear – learn the 3 recognition
rules.
Learn the differences between
adjusting and non-adjusting events.
The different revenue scenarios
should be looked at, in particular
where revenue is recognised over
time.
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KA PL AN ’S DE T AILE D RE V ISI ON P LA N
Topic
IAS 32/IFRS 7/IFRS 9
Complete
Text
Chapter
note
Chapter
Questions to
attempt
Tutor guidance
10
10
177
Amortised cost is the core area of
financial liabilities here. Make sure
you can deal with loans issued at a
discount & redeemed at a premium.
You will also need an awareness of
the categories of financial asset in
accordance with IFRS 9 and the
accounting treatment for them.
59–66
IAS 2, IAS 8, IAS 41,
IFRS 13
8
8
161
171
42–45
79, 81, 83
Self assessment
Each standard is relatively small, but
it is key that you learn definitions
and the specific rules relating to
each.
IAS 12
13
13
91–93
Learn the definition of a temporary
difference
and
practice
its
application.
IAS 33
14
14
168
Learn the formula and apply to
share issues.
181
Date
attempted
94–102
Framework
6/7
6/7
161–163
25–39
Preparation of
individual company
financial statements
KA PL AN P U BLI SH IN G
1, 21
1
183–185
189–192
195, 199
Learn the key definitions and be
able to apply them to various
standards
You have to learn the accounting
standards examinable first and then
apply your knowledge to these
recommended questions.
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