Paper F3: Financial accounting - Revision kit 2016

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https://www.facebook.com/chiasetailieuACCA/ACCA APPROVED CONTENT PROVIDER FIA FFA /ACCA F3 ACCA approved content provider BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time. BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials. BPP Learning Media’s study materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success. Financial Accounting FIA FFA / ACCA Paper F3 Financial Accounting This Kit provides material specifically for the One of a suite of products supporting FIA FFA practice and revision stage of your studies for FIA Financial Accounting and ACCA Paper F3 Financial FFA Financial Accounting and ACCA Paper F3 Accounting, for use independently or as part of a Financial Accounting that has been comprehensively package, this Kit is targeted at FIA exams from 1 reviewed by the ACCA examining team. This September 2015 to 31 August 2016 and contains: Practice & Revision Kit unique review ensures that the questions, solutions • DO YOU KNOW? Checklists to test your and guidance provide the best and most effective knowledge of Financial Accounting topics resource for practising and revising for the exam. • A bank of exam-standard MCQs with answers, covering the syllabus • Two mock exams including the FFA/F3 Specimen exam For exams from 1 September 2015 to 31 August 2016 ACCA Approved Free access Practice & Revision Kit to our Exam FIA FFA / ACCA Paper F3 Success site Contact us BPP House 142-144 Uxbridge Road Financial Accounting Look inside London W12 8AA United Kingdom For exams from 1 September 2015 T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) to 31 August 2016 E Learningmedia@bpp.com bpp.com/learningmedia April 2015 £15.00 https://www.facebook.com/chiasetailieuACCA/ FI32RK15 (RICOH).indd 1-3 07/04/2015 12:26
https://www.facebook.com/chiasetailieuACCA/ ACCA APPROVED CONTENT PROVIDER As the first accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike. Our Study Texts, Practice & Revision Kits and i-Passes (for ACCA F1/FIA FAB, ACCA F2/FIA FMA, ACCA F3/ FIA FFA and ACCA F4) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success. EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCA resources. Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods. To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to Exam Success site - eBook”, including your order reference number and the name of the book you’ve bought (ie ACCA F7 Study Text) for your access code. Once you have received your code, please follow the instructions below: To access the BPP ACCA Exam Success site for this material please go to: www.bpp.com/ExamSuccessSite n Create a user account if you don’t already have one. Make sure you reply to the confirmation email. n Log in using your registered username and password. Select the paper you wish to access. n Enter the code you received when prompted. You will only have to do this once for each paper you are studying. https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ P R A FFA C T I C E PAPER F3 & FINANCIAL ACCOUNTING R E Welcome to BPP Learning Media's Practice & Revision Kit for FFA. In this Practice & V Revision Kit, which has been reviewed by the ACCA examination team, we: I  Include Do you know? Checklists to test your knowledge and understanding of topics S   Provide you with two mock exams including the Specimen exam June 2014 Provide the ACCA examiner’s answers to the Specimen exam June 2014 as I an additional revision aid O BPP's i-Pass product also supports this paper and is a vital tool if you are taking the computer based exam. N K Note I FIA FFA and ACCA Paper F3 are examined under the same syllabus and study guide. T FOR EXAMS FROM 1 SEPTEMBER 2015 TO 31 AUGUST 2016 https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING First edition May 2011 Fourth edition April 2015 ISBN 9781 4727 3534 8 A note about copyright Previous ISBN 9781 4453 7034 7 e-ISBN 9781 4727 2865 4 Dear Customer Previous e-ISBN 9781 4453 7069 9 What does the little © mean and why does it matter? British Library Cataloguing-in-Publication Data Your market-leading BPP books, course materials and A catalogue record for this book e-learning materials do not write and update is available from the British Library themselves. People write them: on their own behalf or as employees of an organisation that invests in this Published by activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. BPP Learning Media Ltd BPP House, Aldine Place Breach of copyright is a form of theft – as well being a London W12 8AA criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. www.bpp.com/learningmedia With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Printed in the UK by RICOH UK Limited Learning Media: Unit 2  Photocopying our materials is a breach of copyright Wells Place Merstham  Scanning, ripcasting or conversion of our digital RH1 3LG materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright Your learning materials, published by BPP Learning Media Ltd, are printed on paper sourced from You can, of course, sell your books, in the form in sustainable, managed forests. which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) But the e-products are sold on a All our rights reserved. No part of this publication may single user licence basis: we do not supply ‘unlock’ be reproduced, stored in a retrieval system or codes to people who have bought them second hand. transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, And what about outside the UK? BPP Learning Media without the prior written permission of BPP Learning strives to make our materials available at prices Media Ltd. students can afford by local printing arrangements, pricing policies and partnerships which are clearly We are grateful to the Association of Chartered listed on our website. A tiny minority ignore this and Certified Accountants for permission to reproduce past indulge in criminal activity by illegally photocopying our examination questions. The suggested solutions in the material or supporting organisations that do. If they act practice answer bank have been prepared by BPP illegally and unethically in one area, can you really Learning Media Ltd, except where otherwise stated. trust them? © BPP Learning Media Ltd 2015 https://www.facebook.com/chiasetailieuACCA/ ii
https://www.facebook.com/chiasetailieuACCA/ CONTENTS Contents Page Finding questions Question index .............................................................................................................................. v Helping you with your revision ...................................................................................................... viii Using your BPP Practice & Revision Kit........................................................................................... ix Passing the FFA/F3 exam ............................................................................................................... x Approach to examining the syllabus ................................................................................................. x The Computer Based Examination .................................................................................................. xi Tackling Multiple Choice Questions................................................................................................ xii Using your BPP products............................................................................................................. xiii Questions and answers Questions .................................................................................................................................... 3 Answers .................................................................................................................................. 173 Exam practice Mock exam 1 – Specimen Exam June 2014  Questions......................................................................................................................... 243  Answers........................................................................................................................... 257  ACCA examiner’s answers to Specimen Exam June 2014...................................................... 265 Mock exam 2  Questions......................................................................................................................... 275  Answers........................................................................................................................... 289 Review form https://www.facebook.com/chiasetailieuACCA/ iii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ iv
https://www.facebook.com/chiasetailieuACCA/ QUESTION INDEX Question index Time Page allocation Marks Mins Questions Answers Part A: The context and purpose of financial reporting The context and purpose of financial reporting Questions 1.1 to 1.14 28 34 5 173 Part B: The qualitative characteristics of financial information The qualitative characteristics of financial information Questions 2.1 to 2.13 26 31 11 173 Part C: The use of double entry and accounting systems Double entry bookkeeping Questions 3.1 to 3.19 38 46 17 174 Questions 4.1 to 4.18 36 43 20 175 Part D: Recording transactions and events Sales tax Questions 5.1 to 5.8 16 19 27 177 Inventory Questions 6.1 to 6.19 38 46 28 178 Tangible non-current assets Questions 7.1 to 7.19 38 46 34 180 Questions 8.1 to 8.20 40 48 39 182 Intangible non-current assets Questions 9.1 to 9.14 28 34 43 184 Accruals and prepayments Questions 10.1 to 10.14 28 34 47 185 Receivables and payables Questions 11.1 to 11.23 46 55 51 187 Provisions and contingencies Questions 12.1 to 12.13 26 31 56 189 Capital structure and finance costs Questions 13.1 to 13.13 26 31 59 190 https://www.facebook.com/chiasetailieuACCA/ v
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Time Page allocation Marks Mins Questions Answers Part E: Preparing a trial balance 15 mark question: trial balance Question 14.1 15 18 67 192 Control accounts Questions 15.1 to 15.20 40 48 68 193 Bank reconciliations Questions 16.1 to 16.15 30 36 73 195 Correction of errors Questions 17.1 to 17.17 34 41 77 197 Suspense accounts Questions 18.1 to 18.10 20 24 82 198 Part F: Preparing basic financial statements 15 mark questions: preparing basic financial statements Questions 19.1 to 19.7 105 126 87 199 Incomplete records Questions 20.1 to 20.16 32 38 95 209 Company financial statements Questions 21.1 to 21.10 20 24 99 211 Disclosure notes Questions 22.1 to 22.9 18 22 102 211 Events after the reporting period Questions 23.1 to 23.9 18 22 104 212 Statements of cash flows Questions 24.1 to 24.20 40 48 107 212 Part G: Preparing simple consolidated financial statements 15 mark questions: preparing simple consolidated financial statements Questions 25.1 to 25.4 60 72 115 214 Consolidated financial statements Questions 26.1 to 26.27 54 65 118 220 https://www.facebook.com/chiasetailieuACCA/ vi
https://www.facebook.com/chiasetailieuACCA/ QUESTION INDEX Time Page allocation Marks Mins Questions Answers Part H: Interpretation of financial statements 15 mark question: interpretation of financial statements Question 27.1 15 18 129 223 Interpretation of financial statements Questions 28.1 to 28.9 18 22 130 224 Mixed banks Mixed bank 1: Questions 29.1 to 29.19 38 46 132 225 Mixed bank 2: Questions 30.1 to 30.20 40 48 138 226 Mixed bank 3: Questions 31.1 to 31.19 38 46 144 229 Mixed bank 4: Questions 32.1 to 32.18 36 43 149 231 Mixed bank 5: Questions 33.1 to 33.20 40 48 155 233 Mixed bank 6: Questions 34.1 to 34.19 38 46 160 235 Mixed bank 7: Questions 35.1 to 35.18 36 43 165 237 Mock exams Mock exam 1 (Specimen Exam June 2014) 100 120 241 257 Mock exam 2 100 120 273 289 https://www.facebook.com/chiasetailieuACCA/ vii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Helping you with your revision BPP Learning Media – ACCA Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use ACCA examination team reviewed revision materials from September 2015. By incorporating the examination team’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice & Revision Kit provides excellent, ACCA-approved support for your revision. Selecting questions We provide signposts to help you plan your revision.  A full question index listing questions that cover each part of the syllabus, so that you can locate the questions that provide practice on key topics, and see the different ways in which they might be tested Attempting mock exams There are two mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exam 1 is the Specimen Exam June 2014. Mock exam 2 reflects the question styles and syllabus coverage of the exam. https://www.facebook.com/chiasetailieuACCA/ viii
https://www.facebook.com/chiasetailieuACCA/ USING YOUR BPP PRACTICE AND REVISION KIT Using your BPP Practice & Revision Kit Aim of this Practice & Revision Kit To provide the practice to help you succeed in both the paper based and computer based examinations for Paper FFA/F3 Financial Accounting. To pass the examination you need a thorough understanding in all areas covered by the syllabus and teaching guide. Recommended approach  Make sure you are able to answer questions on everything specified by the syllabus and teaching guide. You cannot make any assumptions about what questions may come up on your paper. The examiners aim to discourage 'question spotting'.  Learning is an active process. Use the DO YOU KNOW? Checklists to test your knowledge and understanding of the topics covered in FFA/F3 Financial Accounting by filling in the blank spaces. Then check your answers against the DID YOU KNOW? Checklists. Do not attempt any questions if you are unable to fill in any of the blanks – go back to your BPP Study Text and revise first.  When you are revising a topic, think about the mistakes that you know that you should avoid by writing down POSSIBLE PITFALLS at the end of each DO YOU KNOW? Checklist.  Once you have completed the checklists successfully, you should attempt the questions on that topic. Each question is worth 2 marks and carries with it a time allocation of 2.4 minutes.  Once you have completed all of the questions in the body of this Practice & Revision Kit, you should attempt the MOCK EXAMS under examination conditions. Check your answers against our answers to find out how well you did. https://www.facebook.com/chiasetailieuACCA/ ix
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Passing the FFA/F3 exam Paper FFA/F3 aims to develop your knowledge and understanding of the underlying principles, concepts and regulations relating to financial accounting. You will need to demonstrate technical proficiency in the use of double entry techniques, including the preparation of basic financial statements for incorporated and unincorporated entities, as well as simple consolidated financial statements for group incorporated entities. You also need to be able to conduct a basic interpretation of financial statements. If you plan to progress through the ACCA qualification, the skills you learn at FFA/F3 will be built upon in papers F7 and P2. To access FIA syllabuses, visit the ACCA website http://www2.accaglobal.com/students/fia The exam You can take this exam as a paper based exam or by computer based exam. All questions in the exam are compulsory. This means you cannot avoid any topic, but also means that you do not need to waste time in the exam deciding which questions to attempt. There are thirty-five MCQs in the paper-based exam and a mixture of MCQs and other types of objective test question (number entry, multiple response and multiple response matching) in the CBE. This means that the examiner is able to test most of the syllabus at each sitting, so you need to have revised right across the syllabus for this exam. Revision This kit has been reviewed by the FFA/F3 examining team and contains the Specimen exam June 2014, so if you just worked through it to the end you would be very well prepared for the exam. It is important to tackle questions under exam conditions. Allow yourself just the number of minutes shown next to the questions in the index and don’t look at the answers until you have finished. Then correct your answer and go back to the Study Text for any topic you are really having trouble with. Try the same question again a week later – you will be surprised how much better you are getting. Doing the questions like this will really show you what you know, and will make the exam experience less worrying. Doing the exam If you have honestly done your revision you can pass this exam. There are a couple of points to bear in mind:  Read the question properly.  Don’t spend more than the allotted time on each question. If you are having trouble with a question leave it and carry on. You can come back to it at the end. Approach to examining the syllabus FFA/F3 is a two-hour paper. It can be taken as a paper based or a computer based exam. The exam is structured as follows: No of marks Section A – 35 compulsory objective test questions of 2 marks each 70 Section B – 2 compulsory multi-part questions of 15 marks each 30 100 https://www.facebook.com/chiasetailieuACCA/ x
https://www.facebook.com/chiasetailieuACCA/ THE COMPUTER BASED EXAMINATION The Computer Based Examination Computer based examinations (CBEs) are available for the first seven FIA papers (not papers FAU, FTM or FFM), and the first three ACCA exams (F1, F2 and F3), in addition to the conventional paper based examination. Computer based examinations must be taken at an ACCA CBE Licensed Centre. How do CBEs work?  Questions are displayed on a monitor  Candidates enter their answer directly onto the computer  Candidates have two hours to complete the examination  When the candidate has completed their examination, the final percentage score is calculated and displayed on screen  Candidates are provided with a Provisional Result Notification showing their results before leaving the examination room  The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's performance) within 72 hours  Candidates can check their exam status on the ACCA website by logging into myACCA. Benefits  Flexibility as a CBE can be sat at any time.  Resits can also be taken at any time and there is no restriction on the number of times a candidate can sit a CBE.  Instant feedback as the computer displays the results at the end of the CBE.  Results are notified to ACCA within 72 hours. CBE question types  Multiple choice – choose one answer from four options  Number entry – key in a numerical response to a question  Multiple response – select more than one response by clicking the appropriate tick boxes  Multiple response matching – select a response to a number of related part questions by choosing one option from a number of drop down menus For more information on computer-based exams, visit the ACCA website. http://www.accaglobal.com/en/student/Exams/Computer-based-exams.html https://www.facebook.com/chiasetailieuACCA/ xi
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Tackling Multiple Choice Questions MCQs are part of all FIA exams and the first three ACCA exams (F1, F2 and F3). MCQs may feature in the CBE, along with other types of question, while the paper based exam is made up entirely of MCQs. The MCQs in your exam contain four possible answers. You have to choose the option that best answers the question. The three incorrect options are called distracters. There is a skill in answering MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of passing the exam. You may wish to follow the approach outlined below, or you may prefer to adapt it. Step 1 Skim read all the MCQs and identify what appear to be the easier questions. Step 2 Attempt each question – starting with the easier questions identified in Step 1. Read the question thoroughly. You may prefer to work out the answer before looking at the options, or you may prefer to look at the options at the beginning. Adopt the method that works best for you. Step 3 Read the four options and see if one matches your own answer. Be careful with numerical questions as the distracters are designed to match answers that incorporate common errors. Check that your calculation is correct. Have you followed the requirement exactly? Have you included every stage of the calculation? Step 4 You may find that none of the options matches your answer.  Re-read the question to ensure that you understand it and are answering the requirement  Eliminate any obviously wrong answers  Consider which of the remaining answers is the most likely to be correct and select the option Step 5 If you are still unsure make a note and continue to the next question Step 6 Revisit unanswered questions. When you come back to a question after a break you often find you are able to answer it correctly straight away. If you are still unsure have a guess. You are not penalised for incorrect answers, so never leave a question unanswered! After extensive practice and revision of MCQs, you may find that you recognise a question when you sit the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar read the requirement and options carefully – do not assume that it is identical. https://www.facebook.com/chiasetailieuACCA/ xii
https://www.facebook.com/chiasetailieuACCA/ USING YOUR BPP PRODUCTS Using your BPP products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass:  Interactive Text introduces and explains the knowledge required for your exam  Passcards provide you with clear topic summaries and exam tips  i-Pass CDs offer tests of knowledge against the clock You can purchase these products by visiting www.bpp.com/learningmedia https://www.facebook.com/chiasetailieuACCA/ xiii
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ xiv
https://www.facebook.com/chiasetailieuACCA/ Questions https://www.facebook.com/chiasetailieuACCA/ 1
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING https://www.facebook.com/chiasetailieuACCA/ 2
https://www.facebook.com/chiasetailieuACCA/ QUESTIONS Do you know? – The context and purpose of financial reporting Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt, you should go back to your BPP Interactive Text and revise first.  F……..…… r ……..… is a way of recording, analysing and summarising financial data.  Businesses of whatever size or nature exist to make a ………….  P………….. is the excess of ……………… over expenditure. When e…………… exceeds ………………… the business is running at a l…….  A s……… t…………… is a business owned and run by one individual, perhaps employing one or two assistants and controlling their work.  L ……… l………… status means that the business's debts and the personal debts of the business's owners (shareholders) are legally separate.  ………………… are arrangements between individuals to carry on business in common with a view to profit. Partnerships are governed by a ………………… …………….  Financial accounting is mainly a method of reporting the …………..… and ………....… of a business. Financial accounts provide ………… information.  There are various groups of people who need ………………. about the activities of a business.  Those charged with g……………… of a company are responsible for the preparation of the financial statements.  The statement of financial position is simply a list of all the a………… owned and all the l…………… owed by a business as at a particular date.  An ……… is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.  A ………….... is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.  E…………. is the residual interest in the assets of the entity after deducting all its liabilities.  A statement of profit or loss is a record of ………………… generated and ………………… incurred over a given period.  Accounting standards were developed to try to address s……………y  The IASB develops …………… …….……. …….……. …….…….  The main objectives of the IFRS Foundation are to: – …………. a single set of high quality, understandable, enforceable and globally accepted I….. through its standard-setting body, the I…… – promote the …...… and rigours application of those standards – take account of the financial reporting needs of emerging economies and ……… and …………. ………. entities – bring about c……………… of national accounting standards and IFRSs to high quality solutions. https://www.facebook.com/chiasetailieuACCA/ 3
https://www.facebook.com/chiasetailieuACCA/ FFA/F3 FINANCIAL ACCOUNTING Did you know? – The context and purpose of financial reporting Could you fill in the blanks? The answers are in bold. Use this page for revision purposes as you approach the exam.  Financial reporting is a way of recording, analysing and summarising financial data.  For-profit entities of whatever size or nature exist to make a profit.  Not-for-profit entities exist for the achievement of specific objectives rather than to make a profit.  Profit is the excess of income over expenditure. When expenditure exceeds revenue, the business is running at a loss.  A sole tradership is a business owned and run by one individual, perhaps employing one or two assistants and controlling their work.  Limited liability status means that the business's debts and the personal debts of the business's owners (shareholders) are legally separate.  Partnerships are arrangements between individuals to carry on business in common with a view to profit. Partnerships are governed by a partnership agreement.  Financial accounting is mainly a method of reporting the financial performance and financial position of a business. Financial accounts provide historical information.  There are various groups of people who need information about the activities of a business.  Those charged with governance of a company are responsible for the preparation of the financial statements.  The statement of financial position is simply a list of all the assets owned and all the liabilities owed by a business as at a particular date.  An asset is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.  A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.  Equity is the residual interest in the assets of the entity after deducting all its liabilities.  A statement of profit or loss is a record of income generated and expenditure incurred over a given period.  Accounting standards were developed to try to address subjectivity.  The IASB develops International Financial Reporting Standards (IFRSs).  The main objectives of the IFRS Foundation are to: – develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB – promote the use and rigorous application of those standards – take account of the financial reporting needs of emerging economies and small and medium- sized entities (SMEs) – bring about convergence of national accounting standards and IFRSs to high quality solutions. https://www.facebook.com/chiasetailieuACCA/ 4