F7 (FR) – Chapter 7 – PART B – CBE MCQs – ACCA

These are ACCA F7 (FR) Financial Reporting MCQs for Part-B of the Syllabus “Accounting for transactions in financial statements”.

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 Topic07 – Introduction to groups
Syllabus Area:B – “Accounting for transactions in financial statements”
Questions Type:CBE MCQs
Exam Section:Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part-B of the Syllabus; “Accounting for transactions in financial statements” 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 07 - Part C - MCQs - Introduction to groups

Course: ACCA - Association of Chartered Certified Accountants
Subject:
F7 (FR) - Financial Reporting
Syllabus Area: B - Accounting for transactions in financial statements
Chapter: 07 - Introduction to groups
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 7

IFRS 10 Consolidated Financial Statements provides a definition of control and identifies three separate elements of control.

Which of the following is NOT one of these elements of control?

2 / 7

When a bargain purchase arises, IFRS 3 Business Combinations requires that the amounts involved in computing the bargain purchase should first be reassessed.

When the amount of the bargain purchase has been confirmed, how should it be accounted for?

3 / 7

Which TWO of the following statements are correct when preparing consolidated financial statements?

4 / 7

IFRS 3 Business Combinations requires an acquirer to measure the assets and liabilities of the acquiree at the date of consolidation at fair value. IFRS 13 Fair Value Measurement provides guidance on how fair value should be established.

Which of the following are relevant factors to be considered according to IFRS 13 when arriving at the fair value of a non-financial asset?

  1. The characteristics of the asset
  2. The price paid to acquire the asset
  3. The principal or most advantageous market for the asset
  4. The highest and best use of the asset

5 / 7

Which of the following is the criterion for treatment of an investment as an associate?

6 / 7

Petre Co owns 100% of the share capital of the following companies. The directors are unsure of whether the investments should be consolidated.

In which of the following circumstances would the investment NOT be consolidated?

7 / 7

On what basis may a subsidiary be excluded from consolidation?

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