F7 (FR) – Chapter 1 – PART A – CBE MCQs – ACCA

These are ACCA F7 (FR) Financial Reporting MCQs for Part-A of the Syllabus “The conceptual and regulatory framework for financial reporting”.

These multiple-choice questions (MCQs) are designed to help ACCA F7 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 F7 (FR) exam.

INFORMATION ABOUT THESE CBE MCQs Test/Quiz

Course:ACCA – Association of Chartered Certified Accountants
Fundamental Level:Applied Skills
Subject:Financial Reporting
Paper:F7 – FR
Chapter and Topic01 – The conceptual framework
Syllabus Area:A – “The conceptual and regulatory framework for financial reporting”
Questions Type:CBE MCQs
Exam Section:Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part A of the Syllabus; “The conceptual and regulatory framework for financial reporting” of ACCA F7 (FR) Financial Reporting Module.

Time

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

Result

Students will get their F7 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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F7 (FR) - Chapter 01 - Part A - MCQs - the conceptual framework

Course: ACCA - Association of Chartered Certified Accountants
Subject:
F7 (FR) - Financial Reporting
Syllabus Area: A - The conceptual and regulatory framework for financial reporting
Chapter: 01 - The conceptual framework
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

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REQUEST

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1 / 8

Which of the following would be classified as a liability?

2 / 8

Recognition is the process of including within the financial statements items which meet the definition of an element according to the IASB's Conceptual Framework for Financial Reporting.

Which of the following items should be recognised as an asset in the statement of financial position of a company?

  1. A secret formula for the manufacture of a best selling sauce. The recipe is kept secure at the company premises and known only by the company directors.
  2. A highly lucrative contract signed during the year which is due to commence shortly after the year end
  3. Items that are to be sold via a third party agent which the company can no longer control and cannot be returned to the company of they are unsold
  4. A receivable from a customer which has been sold (factored) to a finance company. The finance company has full recourse to the company for any losses.

3 / 8

How does the Conceptual Framework define an asset?

4 / 8

Which TWO of the following are purposes of the IASB's Conceptual Framework?

5 / 8

In accordance with the Conceptual Framework which of the following is/are true in relation to the enhancing characteristic of comparability?

  1. Permitting alternative accounting treatments for the same economic phenomenon enhances comparability
  2. Comparability requires uniformity

6 / 8

The Conceptual Framework identifies four enhancing qualitative characteristics of financial information. Which ONE of the following is NOT an enhancing qualitative characteristic?

7 / 8

Which of the following would correctly describe the net realisable value of a two year old asset?

8 / 8

The Conceptual Framework identifies an UNDERLYING ASSUMPTION in preparing financial statements. This is:

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