ACCA F7 Exam Practice Questions and
Answers
How is revenue treated that is receivable 2 years after the goods are delivered? - ANSWERThe
amount of revenue initially recognised is the amount receivable discounted to present value.
Interst is then applied to the receivable as interest income over...
What are the recognition criteria for non-current asset held for sale for the sale to be considered high
probable? - ANSWER✔✔The asset must be marketed at a reasonable price
Management must be commited to a plan to sell the asset.
The sale must be expected to take place within the next six months.
What meet the definition of financial asset in accordance with IFRS9? - ANSWER✔✔An equity
iinstrument of another entity
A contract to exchange financial instruments with another entity under conditions which are potentially
favourable
Cash
When a single entity makes purchases or sales in foreign currency, it will be necassary to translate the
transactions into its functional currency before the transactions can be included in its financial records.
In accordance with IAS, which foreign rates may be used to transalte the foreign currency purchases and
sales? - ANSWER✔✔a)The rate that which existed on the day that ourchase or sale took place
b)An average rate for the year, provided there have been no significant fluctuations throughout the year
How are financial assets initially measured under IFRS 9? - ANSWER✔✔Fair value plus transaction costs
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