Tài liệu ACCA mới nhất từ BPP môn F3

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BPP Learning Media is the sole ACCA Platinum Approved Learning Partner –

content for the FIA suite of qualifications. In this, the only FFA/F3 Practice and
Revision Kit to be reviewed by the examiner:
 We include Do you know? Checklists to test your knowledge and
understanding of topics
 We provide you with two mock exams including the Pilot paper
 We provide the ACCA examiner’s answers as well as our own to the Pilot
paper as an additional revision aid
BPP's i-Pass product also supports this paper and is a vital tool if you are taking the
computer based exam.
FOR EXAMS FROM FEBRUARY 2013 TO JANUARY 2014
FFA
PAPER F3
FINANCIAL ACCOUNTING
Note
FIA FFA and ACCA Paper F3 are examined under the same syllabus and study guide.
FFA/F3 FINANCIAL ACCOUNTING

ii



First edition May 2011
Second edition November 2012
ISBN 9781 4453 9977 5
Previous ISBN 9781 4453 7312 6
e-ISBN 9781 4453 9253 0
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2012
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CONTENTS

iii
Contents
Page
Finding questions
Question index v
Helping you with your revision – the ONLY FFA/F3 Practice and Revision
Kit to be reviewed by the examiner
viii
Using your BPP Practice and Revision Kit ix
Passing the FFA/F3 exam x
Approach to examining the syllabus x
The Computer Based Examination xi
Tackling Multiple Choice Questions xii
Using your BPP products xiii
Questions and answers
Questions 3
Answers 175
Exam practice
Mock exam 1 (Pilot Paper)
 Questions 245
 Answers 261
 ACCA examiner’s answers 269
Mock exam 2
 Questions 277
 Answers 291

Review form





FFA/F3 FINANCIAL ACCOUNTING

iv





QUESTION INDEX

v
Question index
Time
allocation
Page

Marks
Mins Questions Answers
Part A: The context and purpose of financial reporting
The context and purpose of financial reporting

Questions 1.1 to 1.14 28 34 5 175
Part B: The qualitative characteristics of financial information

The qualitative characteristics of financial information

Questions 2.1 to 2.12 24 29 11 175
Part C: Financial statements
Double entry bookkeeping


Questions 3.1 to 3.17
34 41 17 176
Questions 4.1 to 4.16
32 38 20 177
Part D: Recording transactions and events

Sales tax


Questions 5.1 to 5.8
16 19 27 179
Inventories

Questions 6.1 to 6.18

36 43 28 180
Tangible non-current assets

Questions 7.1 to 7.17
34 41 33 181
Questions 8.1 to 8.20
40 48 38 183
Intangible non-current assets

Questions 9.1 to 9.12
24 29 43 185
Accruals and prepayments


Questions 10.1 to 10.15
30 36 46 186
Receivables and payables


Questions 11.1 to 11.19
38 46 50 188
Provisions and contingencies


Questions 12.1 to 12.10
20 24 54 189
FFA/F3 FINANCIAL ACCOUNTING

vi

Time
allocation
Page

Marks
Mins Questions Answers
Part E: Preparing a trial balance

Control accounts


Questions 13.1 to 13.20
40 48 61 190
Bank reconciliations

Questions 14.1 to 14.15
30 36 66 192
Correction of errors

Questions 15.1 to 15.15
30 36 70 193
Suspense accounts

Questions 16.1 to 16.10
20 24 74 195
Part F: Preparing financial statements

Preparation questions

Questions 17.1 to 17.10
N/A N/A 81 196
Company financial statements

Questions 18.1 to 18.22
44 53 92 209
Disclosure notes

Questions 19.1 to 19.10
20 24 98 211
Events after the reporting period

Questions 20.1 to 20.8
16 19 101 211
Statements of cash flows

Questions 21.1 to 21.16
32 38 103 212
Incomplete records

Questions 22.1 to 22.16
32 38 108 213
Part G: Preparing simple consolidated financial statements

Preparation questions

Questions 23.1 to 23.5
N/A N/A 115 215
Consolidated financial statements

Questions 24.1 to 24.24
48 58 119 222
Part H:

Interpretation of financial statements

Preparation question

Question 25.1
N/A N/A 129 225
Interpretation of financial statements

Questions 26.1 to 26.13
26 31 130 226
QUESTION INDEX

vii
Time
allocation
Page

Marks
Mins Questions Answers
Mixed banks

Mixed bank 1: Questions 27.1 to 27.20
40 48 133 227
Mixed bank 2: Questions 28.1 to 28.20
40 48 139 229
Mixed bank 3: Questions 29.1 to 29.20
40 48 145 231
Mixed bank 4: Questions 30.1 to 30.20
40 48 150 233
Mixed bank 5: Questions 31.1 to 31.20
40 48 156 235
Mixed bank 6: Questions 32.1 to 32.20
40 48 161 237
Mixed bank 7: Questions 33.1 to 33.20

40 48 167 239
Mock exams

Mock exam 1 (Pilot Paper)
100 120 245 261
Mock exam 2
100 120 277 291


FFA/F3 FINANCIAL ACCOUNTING

viii

Helping you with your revision – the ONLY FFA/F3 Practice and
Revision Kit to be reviewed by the examiner!
BPP Learning Media – the sole Platinum Approved Learning
Partner - content
As ACCA’s sole Platinum Approved Learning Partner – content, BPP Learning Media gives you the
unique opportunity to use examiner-reviewed revision materials for exams from February 2013 to
January 2014. By incorporating the examiner’s comments and suggestions regarding syllabus coverage,
the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your
revision.
Selecting questions
We provide signposts to help you plan your revision.
 A full question index listing questions that cover each part of the syllabus, so that you can locate
the questions that provide practice on key topics, and see the different ways in which they might
be tested
Attempting mock exams
There are two 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 exam 1 is the Pilot Paper.

Mock exam 2 reflects the question styles and syllabus coverage of the exam.
USING YOUR BPP PRACTICE AND REVISION KIT

ix
Using your BPP Practice and Revision Kit
Aim of this Practice and Revision Kit
To provide the practice to help you succeed in both the paper based and computer based examinations
for Paper FFA/F3 Financial Accounting.
To pass the examination you need a thorough understanding in all areas covered by the syllabus and
teaching guide.
Recommended approach
 Make sure you are able to answer questions on everything specified by the syllabus and teaching
guide. You cannot make any assumptions about what questions may come up on your paper. The
examiners aim to discourage 'question spotting'.
 Learning is an active process. Use the DO YOU KNOW? Checklists to test your knowledge and
understanding of the topics covered in FFA/F3 Financial Accounting by filling in the blank
spaces. Then check your answers against the DID YOU KNOW? Checklists. Do not attempt any
questions if you are unable to fill in any of the blanks - go back to your BPP Interactive Text and
revise first.
 When you are revising a topic, think about the mistakes that you know that you should avoid by
writing down POSSIBLE PITFALLS at the end of each DO YOU KNOW? Checklist.
 Once you have completed the checklists successfully, you should attempt the questions on that
topic. Each question is worth 2 marks and carries with it a time allocation of 2.4 minutes.
 Once you have completed all of the questions in the body of this Practice & Revision Kit, you
should attempt the MOCK EXAMS under examination conditions. Check your answers against our
answers to find out how well you did.
FFA/F3 FINANCIAL ACCOUNTING

x

Passing the FFA/F3 exam
Paper FFA/F3 aims to develop your knowledge and understanding of the underlying principles, concepts
and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the
use of double entry techniques, including the preparation of basic financial statements for incorporated
and unincorporated entities, as well as simple consolidated financial statements for group incorporated
entities. You also need to be able to conduct a basic interpretation of financial statements. If you plan to
progress through the ACCA qualification, the skills you learn at FFA/F3 will be built upon in papers F7
and P2.
To access FIA and ACCA syllabuses, visit the ACCA website.
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The exam
You can take this exam as a paper based exam or by computer based exam. All questions in the exam
are compulsory. This means you cannot avoid any topic, but also means that you do not need to waste
time in the exam deciding which questions to attempt. There are fifty MCQs in the paper-based exam
and a mixture of MCQs and other types of objective test question (number entry, multiple response and
multiple response matching) in the CBE. This means that the examiner is able to test most of the
syllabus at each sitting, so you need to have revised right across the syllabus for this exam.
Revision
This kit has been reviewed by the FFA/F3 examiner and contains the Pilot Paper, so if you just worked
through it to the end you would be very well prepared for the exam. It is important to tackle questions
under exam conditions. Allow yourself just the number of minutes shown next to the questions in the
index and don’t look at the answers until you have finished. Then correct your answer and go back to
the Interactive Text for any topic you are really having trouble with. Try the same question again a week
later – you will be surprised how much better you are getting. Doing the questions like this will really
show you what you know, and will make the exam experience less worrying.
Doing the exam
If you have honestly done your revision you can pass this exam. There are a couple of points to bear in
mind:
 Read the question properly.
 Don’t spend more than the allotted time on each question. If you are having trouble with a

question leave it and carry on. You can come back to it at the end.
Approach to examining the syllabus
FFA/F3 is a two-hour paper. It can be taken as a paper based or a computer based exam.

The exam is structured as follows:

No of marks
50 compulsory objective test questions of 2 marks each

100



THE COMPUTER BASED EXAMINATION

xi
The Computer Based Examination
Computer based examinations (CBEs) are available for the first seven FIA papers (not papers FAU, FTM
or FFM), and the first three ACCA exams (F1, F2 and F3), in addition to the conventional paper based
examination.
Computer based examinations must be taken at an ACCA CBE Licensed Centre.
How do CBEs work?

Questions are displayed on a monitor

Candidates enter their answer directly onto the computer

Candidates have two hours to complete the examination

When the candidate has completed their examination, the final percentage score is calculated

and displayed on screen

Candidates are provided with a Provisional Result Notification showing their results before leaving
the examination room

The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's
performance) within 72 hours

Candidates can check their exam status on the ACCA website by logging into myACCA.
Benefits

Flexibility as a CBE can be sat at any time.

Resits can also be taken at any time and there is no restriction on the number of times a
candidate can sit a CBE.

Instant feedback as the computer displays the results at the end of the CBE.

Results are notified to ACCA within 72 hours.
CBE question types

Multiple choice – choose one answer from four options

Number entry – key in a numerical response to a question

Multiple response – select more than one response by clicking the appropriate tick boxes

Multiple response matching – select a response to a number of related part questions by choosing
one option from a number of drop down menus

The January 2012 issue of ACCA Student Accountant magazine contains an article on CBEs. Ensure
that you are familiar with this article.
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For more information on computer-based exams, visit the ACCA website.
/>


FFA/F3 FINANCIAL ACCOUNTING

xii

Tackling Multiple Choice Questions
MCQs are part of all FIA exams and the first three ACCA exams (F1, F2 and F3). MCQs may feature in
the CBE, along with other types of question, while the paper based exam is made up entirely of MCQs.
The MCQs in your exam contain four possible answers. You have to choose the option that best
answers the question. The three incorrect options are called distracters. There is a skill in answering
MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of
passing the exam.
You may wish to follow the approach outlined below, or you may prefer to adapt it.
Step 1
Skim read all the MCQs and identify what appear to be the easier questions.
Step 2
Attempt each question – starting with the easier questions identified in Step 1. Read
the question thoroughly. You may prefer to work out the answer before looking at the
options, or you may prefer to look at the options at the beginning. Adopt the method
that works best for you.
Step 3
Read the four options and see if one matches your own answer. Be careful with
numerical questions as the distracters are designed to match answers that incorporate
common errors. Check that your calculation is correct. Have you followed the

requirement exactly? Have you included every stage of the calculation?
Step 4
You may find that none of the options matches your answer.
 Re-read the question to ensure that you understand it and are answering the
requirement
 Eliminate any obviously wrong answers
 Consider which of the remaining answers is the most likely to be correct and
select the option
Step 5
If you are still unsure make a note and continue to the next question
Step 6
Revisit unanswered questions. When you come back to a question after a break you
often find you are able to answer it correctly straight away. If you are still unsure have a
guess. You are not penalised for incorrect answers, so never leave a question
unanswered!
After extensive practice and revision of MCQs, you may find that you recognise a question when you sit
the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar
read the requirement and options carefully – do not assume that it is identical.
The January 2012 issue of ACCA Student Accountant magazine contains an article on how to answer
MCQs. Ensure that you are familiar with this article.
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USING YOUR BPP PRODUCTS

xiii
Using your BPP products
This Kit gives you the question practice and guidance you need in the exam. Our other products can also help
you pass:
 Passcards provide you with clear topic summaries and exam tips
 Interactive Passcards contain audio tutorials and plenty of exam-standard questions to

test your understanding
 i-Pass CDs are a vital revision tool for anyone taking FIA/ACCA CBEs and offer tests of
knowledge against the clock in an environment similar to that encountered in a computer
based exam
You can purchase these products by visiting www.bpp.com/learningmedia

FFA/F3 FINANCIAL ACCOUNTING

xiv





1


Questions
FFA/F3 FINANCIAL ACCOUNTING
2


QUESTIONS

3

Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt,
you should go back to your BPP Interactive Text and revise first.
 F…… …… r …… … is a way of recording, analysing and summarising financial data.
 Businesses of whatever size or nature exist to make a ………….

 P………… is the excess of ……………… over expenditure. When e…………… exceeds
………………… the business is running at a l…….
 A s……… t…………… is a business owned and run by one individual, perhaps employing one or two
assistants and controlling their work.
 L ……… l…………status means that the business's debts and the personal debts of the business's
owners (shareholders) are legally separate.
 ………………… are arrangements between individuals to carry on business in common with a view to
profit. Partnerships are governed by a ………………… …………….
 Financial accounting is mainly a method of reporting the ………… … and ……… …of a business.
Financial accounts provide …………information.
 There are various groups of people who need ………………. about the activities of a business.
 Those charged with g……………… of a company are responsible for the preparation of the financial
statements.
 The statement of financial position is simply a list of all the a………… owned and all the l……………
owed by a business as at a particular date.
 An ……… is 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.
 A ………… is a present obligation of the entity arising from past events, the settlement of which is
expected to result in an outflow from the entity of resources embodying economic benefits.
 E…………. is the residual interest in the assets of the entity after deducting all its liabilities.
 An income statement is a record of …………………generated and ………………… incurred over a
given period.
 Accounting standards were developed to try to address s……………y
 The IASB develops …………… …….……. …….……. …….…….
 The main objectives of the IFRS Foundation are to:
– …………. a single set of high quality, understandable, enforceable and globally accepted I…
through its standard-setting body, the I……
– promote the … … and rigours application of those standards
– take account of the financial reporting needs of emerging economies and ……… and ………….
………. entities

– bring about c……………… of national accounting standards and IFRSs to high quality solutions.






Do you know? – The context and purpose of financial reporting
FFA/F3 FINANCIAL ACCOUNTING
4


Could you fill in the blanks? The answers are in bold. Use this page for revision purposes as you approach
the exam.
 Financial reporting is a way of recording, analysing and summarising financial data.
 Businesses of whatever size or nature exist to make a profit.
 Profit is the excess of income over expenditure. When expenditure exceeds revenue, the business is
running at a loss.
 A sole tradership is a business owned and run by one individual, perhaps employing one or two
assistants and controlling their work.
 Limited liability status means that the business's debts and the personal debts of the business's owners
(shareholders) are legally separate.
 Partnerships are arrangements between individuals to carry on business in common with a view to
profit. Partnerships are governed by a partnership agreement.
 Financial accounting is mainly a method of reporting the financial performance and financial position of
a business. Financial accounts provide historical information.
 There are various groups of people who need information about the activities of a business.
 Those charged with governance of a company are responsible for the preparation of the financial
statements.
 The statement of financial position is simply a list of all the assets owned and all the liabilities owed by

a business as at a particular date.
 An asset is 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.
 A liability is a present obligation of the entity arising from past events, the settlement of which is
expected to result in an outflow from the entity of resources embodying economic benefits.
 Equity is the residual interest in the assets of the entity after deducting all its liabilities.
 An income statement is a record of income generated and expenditure incurred over a given period.
 Accounting standards were developed to try to address subjectivity.
 The IASB develops International Financial Reporting Standards (IFRSs).

The main objectives of the IFRS Foundation are to:
– develop
a single set of high quality, understandable, enforceable and globally accepted
international financial reporting standards (IFRSs) through its standard-setting body, the IASB
– promote the use and rigorous application of those standards
– take account of the financial reporting needs of emerging economies and small and medium-
sized entities (SMEs)
– bring about convergence of national accounting standards and IFRSs to high quality solutions.

Did you know? – The context and purpose of financial reporting
QUESTIONS

5
1 The context and purpose of financial reporting
34 mins
1.1 Who issues International Financial Reporting Standards?
A The IFRS Advisory Committee
B The stock exchange
C The International Accounting Standards Board
D The government (2 marks)

1.2 Which groups of people are most likely to be interested in the financial statements of a sole trader?
1 Shareholders of the company
2 The business’s bank manager
3 The tax authorities
4 Financial analysts
A 1 and 2 only
B 2 and 3 only
C 2, 3 and 4 only
D 1, 2 and 3 only (2 marks)

1.3 Which of the following statements is/are true?
1 The shareholder needs a statement of financial prospects, ie an indication of future progress.
However, the supplier of goods on credit needs a statement of financial position, ie an indication
of the current state of affairs.
2 The objective of financial statements is to provide information about the financial position,
performance and changes in financial position of an entity that is useful to a wide range of users
in making economic decisions.
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 or 2 (2 marks)

1.4 Which of the following are advantages of trading as a limited liability company?
1 Operating as a limited liability company makes raising finance easier because additional shares
can be issued to raise additional cash.
2 Operating as a limited liability company is more risky than operating as a sole trader because the
shareholders of a business are liable for all the debts of the business whereas the sole trader is
only liable for the debts up to the amount he has invested.
A 1 only

B 2 only
C Both 1 and 2
D Neither 1 or 2 (2 marks)

1.5 Which of the following best describes corporate governance?
A Corporate governance is the system of rules and regulations surrounding financial reporting
B Corporate governance is the system by which companies and other entities are directed and
controlled
C Corporate governance is carried out by the finance department in preparing the financial accounts
D Corporate governance is the system by which an entity monitors its impact on the natural
environment (2 marks)

FFA/F3 FINANCIAL ACCOUNTING
6

1.6 Which of the following statements is/are true?
1 The directors of a company are ultimately responsible for the preparation of financial statements,
even if the majority of the work on them is performed by the finance department
2 If financial statements are audited, then the responsibility for those financial statements instead
falls on the auditors instead of the directors
3 There are generally no laws surrounding the duties of directors in managing the affairs of a
company
A 1 only
B 1 and 2 only
C 1, 2 and 3
D 1 and 3 only (2 marks)

1.7 According to the IASB Framework which of the following is not an objective of financial statements?
A Providing information regarding the financial position of a business
B Providing information regarding the performance of a business

C Enabling users to assess the performance of management to aid decision making
D Helping to assess the going concern status of a business (2 marks)

1.8 The IASB Framework identifies user groups. Which of the following is not an information need for the
'Investor' group?
A Assessment of repayment ability of an entity
B Measuring performance, risk and return
C Taking decisions regarding holding investments
D Taking buy/sell decisions (2 marks)

1.9 Which of the following statements about accounting concepts and policies is/are correct?
1 Companies should never change the presentation or classification of items in their financial
statements, even if there is a significant change in the nature of operations.
2 Information in financial statements should be presented so as to be understood by users with a
reasonable knowledge of business and accounting.
3 Companies should create large provisions in times of company growth so that they can be utilised
in more difficult times to keep profits the same.
A 1 and 2
B 2 and 3
C 1 only
D 2 only (2 marks)

1.10 Which of the following are TRUE of partnerships?
1 The partners’ individual exposure to debt is limited
2 Financial statements for the partnership by law must be produced and made public
3 A partnership is not a separate legal entity from the partners themselves
A 1 and 2 only
B 2 only
C 3 only
D 1 and 3 only (2 marks)

QUESTIONS

7
1.11 Which of the following correctly defines ‘equity’ according to the IASB's Framework for the Preparation
and Presentation of Financial Statements?
A Equity is a present obligation of the entity arising from past events, the settlement of which is
expected to result in an outflow from the entity of resources embodying economic benefit.
B Equity is 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.
C Equity is the residual interest in the assets of the entity after deducting all its liabilities.
D Equity is increases in economic benefits during the accounting period in the form of inflows or
enhancements of assets or decreases of liabilities (2 marks)

1.12 Which of the following statements is/are true?
1 Directors of companies have a duty of care to show reasonable competence in their management
of the affairs of a company.
2 Directors of companies must act honestly in what they consider to be the best interest of the
company.
3 A Director’s main aim should be to create wealth for the shareholders of the company.
A 1 and 2 only
B 2 only
C 1,2 and 3
D 1 and 3 only (2 marks)

1.13 Which of the following statements is/are true?
1 The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world.
2 The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB.
3 One of the objectives of the IFRS Foundation is to bring about convergence of national accounting
standards and IFRSs.

A 1 and 3 only
B 2 only
C 2 and 3 only
D 3 only (2 marks)

1.14 What is the role of the IASB?
A Oversee the standard setting and regulatory process
B Formulate international financial reporting standards
C Review defective accounts
D Control the accountancy profession (2 marks)

(Total = 28 marks)


FFA/F3 FINANCIAL ACCOUNTING
8


QUESTIONS

9

Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt,
you should go back to your BPP Interactive Text and revise first.
 In preparing financial statements, accountants follow certain fundamental a………………
 The IASB's F……………k provides the basis of its conceptual framework. IFRSs are based on this
framework.
 The main underlying assumptions are ………………… and g………… c…… …
 The Framework states that ………………… characteristics are the attributes that make the information
provided in financial statements useful to users.

 The four principal qualitative characteristics are …………………, …………………, …………………
and …………………
 Other important qualitative characteristics and concepts include fair …………………, c………………
and the business …………… concept.
 A …………… …… between qualitative characteristics is often necessary, the aim being to achieve an
appropriate balance to meet the objective of financial statements.

Do you know? – The qualitative characteristics of financial information
FFA/F3 FINANCIAL ACCOUNTING
10


Could you fill in the blanks? The answers are in bold. Use this page for revision purposes as you approach
the exam.
 In preparing financial statements, accountants follow certain fundamental assumptions.
 The IASB's Framework provides the basis of its conceptual framework. IFRSs are based on this
framework.
 The main underlying assumptions are accruals and going concern.
 The Framework states that qualitative characteristics are the attributes that make the information
provided in financial statements useful to users.
 The four principal qualitative characteristics are understandability, relevance, reliability and
comparability.
 Other important qualitative characteristics and concepts include fair presentation, consistency and the
business entity concept.
 A trade off between qualitative characteristics is often necessary, the aim being to achieve an
appropriate balance to meet the objective of financial statements.

Did you know? – The qualitative characteristics of financial information