F3 (FA/FFA) – Chapter 22 – PART F – CBE MCQs – ACCA

These are ACCA F3 (FA/FFA) Financial Accounting MCQs for Part-F of the Syllabus “Preparing basic financial statements”.

These multiple-choice questions (MCQs) are designed to help ACCA F3 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

  • Students should not attempt these MCQs until they have finished the entire chapter.
  • All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F3 (FA/FFA) exam.


Course:ACCA – Associations of Chartered Certified Accountants
Fundamental Level:Knowledge, FIA – Foundation in Accounting
Subject:Financial Accounting
Paper:F3 – FA/FFA
Chapter:Disclosure notes
Chapter Number:22 of the Practice and Exam Kit
Syllabus Area:F – “Preparing basic financial statements”
Questions Type:CBE MCQs
Exam Section:Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part F of the Syllabus; “Preparing basic financial statements” of ACCA F3 (FA/FFA) Financial Accounting Module.


These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate


Students will get their F3 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those answers which seem correct/ or incorrect to you, as per the requirement of the question. Keep your eye on the wording “( select all those which are correct/ or incorrect)“.
Drop-down: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.


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F3 - Chapter 22 - Part A - MCQs

Course: ACCA - FIA
F3 (FA/FFA) Financial Accounting
Syllabus Area: F - Preparing basic financial statements
Chapter in Kit: 22 - Disclosure notes
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit


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1 / 9

Which of the following best describes the purpose of disclosure notes in the financial statements?

2 / 9

Which of the following statements is/are correct?

  1. IAS 37 requires disclosure in the notes to the financial statements of the uncertainties affecting the outcome of a provision
  2. IAS 10 requires disclosure of the nature and financial effect of a non-adjusting event after the reporting period in the notes to the financial statements

3 / 9

Which of the following should be disclosed in the note to the financial statements for tangible non- current assets?

  1. The market value of all assets classified as tangible non-current assets, whether they have been revalued or not
  2. A reconciliation of the carrying amount of non-current assets at the beginning and end of the period
  3. For revalued assets, the methods and significant assumptions applied in estimating the fair value
  4. For revalued assets, the carrying amount of each class of assets that would have been included in the financial statements had the assets been carried at cost less depreciation

4 / 9

Which of the following should be disclosed in the note to the financial statements for inventories?

  1. The date the inventories were purchased or manufactured and/or how long they have been held as inventories
  2. The amount of inventories carried at net realisable value
  3. The accounting policies adopted in measuring inventories
  4. The useful life of the inventories

5 / 9

A certain IFRS requires that the following disclosure is made in a note to the financial statements:

  1. A brief description of its nature
  2. Where practicable an estimate of the financial effect
  3. An indication of the uncertainties relating to the amount or timing of any outflow
  4. The possibility of any reimbursement

Which of the following does the above disclosure apply to?

6 / 9

Which of the following should be disclosed in the note to the financial statements for intangible assets?

  • The method of amortization used
  • A reconciliation of the carrying amount at the beginning and end of the period
  • The useful life of the assets
  • The net realizable value of any deferred development costs capitalized

7 / 9

Which of the following are required as disclosures by IAS 2 Inventories?

  1. The amount of write-downs of inventories in the period that have been recognised as an expense
  2. The original cost of inventories that are carried at net realisable value
  3. The carrying amount of inventories classified by type (for example, raw materials, work in progress)

8 / 9

For which class or classes of assets should a company disclose in the notes to the financial statements a reconciliation of the opening carrying amount to the closing carrying amount, showing the movements in the period?

  1. Cash
  2. Intangible assets
  3. Tangible non-current assets
  4. Trade receivables

9 / 9

Which one of the following is a disclosure about non-adjusting events required by IAS 10 Events After the Reporting Period?

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