ACCA Paper F7

Description

Professional Chartered Qualifications ACCA F7 Quiz on ACCA Paper F7, created by Shaikh Emad Gohar on 13/03/2014.
Shaikh Emad Gohar
Quiz by Shaikh Emad Gohar, updated more than 1 year ago
Shaikh Emad Gohar
Created by Shaikh Emad Gohar over 10 years ago
229
1

Resource summary

Question 1

Question
Which of the following standards relate to Tangible Assets?
Answer
  • IAS 16
  • IAS 38

Question 2

Question
Which of the following Standards relate to Government Grants?
Answer
  • IAS 10
  • IAS 20

Question 3

Question
Research Expenditure is:
Answer
  • Expensed to Statement of Profit or Loss
  • Capitalized in Statement of Financial Position

Question 4

Question
Provisions are recorded as a:
Answer
  • Current Liability
  • Non Current Liability

Question 5

Question
Accounting Policies are changed:
Answer
  • Retrospectively
  • Prospectively

Question 6

Question
Finance and Operating Leases are same in accounting treatment.
Answer
  • True
  • False

Question 7

Question
Sale or return basis involves the recognition of Revenue.
Answer
  • True
  • False

Question 8

Question
Contingent Asset is no longer a Contingent Asset when it is:
Answer
  • Virtually Certain
  • Probable
  • Possible
  • Remote

Question 9

Question
Contingent Liabilities and Contingent Assets are disclosed not adjusted.
Answer
  • True
  • False

Question 10

Question
Which paper is the father of F7?
Answer
  • P2
  • P4
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