2013-BPP-F3 revision kit

313 Pages·2012·2.52 MB·English

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FFA
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PAPER F3
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FINANCIAL ACCOUNTING
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BPP Learning Media is the sole ACCA Platinum Approved Learning Partner –
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content for the FIA suite of qualifications. In this, the only FFA/F3 Practice and
Revision Kit to be reviewed by the examiner:
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 We include Do you know? Checklists to test your knowledge and
understanding of topics
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 We provide you with two mock exams including the Pilot paper
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 We provide the ACCA examiner’s answers as well as our own to the Pilot
paper as an additional revision aid
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BPP's i-Pass product also supports this paper and is a vital tool if you are taking the
computer based exam.
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Note
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FIA FFA and ACCA Paper F3 are examined under the same syllabus and study guide.
FOR EXAMS FROM FEBRUARY 2013 TO JANUARY 2014
FFA/F3 FINANCIAL ACCOUNTING

First edition May 2011
Second edition November 2012
ISBN 9781 4453 9977 5
A note about copyright
Previous ISBN 9781 4453 7312 6
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CONTENTS
Contents
Page
Finding questions
Question index..............................................................................................................................v
Helping you with your revision – the ONLY FFA/F3 Practice and Revision
Kit to be reviewed by the examiner.............................................................................................viii
Using your BPP Practice and 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..................................................................................................................................175
Exam practice
Mock exam 1 (Pilot Paper)
 Questions.........................................................................................................................245
 Answers...........................................................................................................................261
 ACCA examiner’s answers..................................................................................................269
Mock exam 2
 Questions.........................................................................................................................277
 Answers...........................................................................................................................291

Review form

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FFA/F3 FINANCIAL ACCOUNTING

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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 5 175
Part B: The qualitative characteristics of financial information
The qualitative characteristics of financial information
Questions 2.1 to 2.12 24 29 11 175
Part C: Financial statements
Double entry bookkeeping
Questions 3.1 to 3.17 34 41 17 176
Questions 4.1 to 4.16 32 38 20 177
Part D: Recording transactions and events
Sales tax
Questions 5.1 to 5.8 16 19 27 179
Inventories
Questions 6.1 to 6.18 36 43 28 180
Tangible non-current assets
Questions 7.1 to 7.17 34 41 33 181
Questions 8.1 to 8.20 40 48 38 183
Intangible non-current assets
Questions 9.1 to 9.12 24 29 43 185
Accruals and prepayments
Questions 10.1 to 10.15 30 36 46 186
Receivables and payables
Questions 11.1 to 11.19 38 46 50 188
Provisions and contingencies
Questions 12.1 to 12.10 20 24 54 189
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FFA/F3 FINANCIAL ACCOUNTING
Time
Page
allocation
Marks Mins Questions Answers
Part E: Preparing a trial balance
Control accounts
Questions 13.1 to 13.20 40 48 61 190
Bank reconciliations
Questions 14.1 to 14.15 30 36 66 192
Correction of errors
Questions 15.1 to 15.15 30 36 70 193
Suspense accounts
Questions 16.1 to 16.10 20 24 74 195
Part F: Preparing financial statements
Preparation questions
Questions 17.1 to 17.10 N/A N/A 81 196
Company financial statements
Questions 18.1 to 18.22 44 53 92 209
Disclosure notes
Questions 19.1 to 19.10 20 24 98 211
Events after the reporting period
Questions 20.1 to 20.8 16 19 101 211
Statements of cash flows
Questions 21.1 to 21.16 32 38 103 212
Incomplete records
Questions 22.1 to 22.16 32 38 108 213
Part G: Preparing simple consolidated financial statements
Preparation questions
Questions 23.1 to 23.5 N/A N/A 115 215
Consolidated financial statements
Questions 24.1 to 24.24 48 58 119 222
Part H: Interpretation of financial statements
Preparation question
Question 25.1 N/A N/A 129 225
Interpretation of financial statements
Questions 26.1 to 26.13 26 31 130 226
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QUESTION INDEX
Time
Page
allocation
Marks Mins Questions Answers
Mixed banks
Mixed bank 1: Questions 27.1 to 27.20 40 48 133 227
Mixed bank 2: Questions 28.1 to 28.20 40 48 139 229
Mixed bank 3: Questions 29.1 to 29.20 40 48 145 231
Mixed bank 4: Questions 30.1 to 30.20 40 48 150 233
Mixed bank 5: Questions 31.1 to 31.20 40 48 156 235
Mixed bank 6: Questions 32.1 to 32.20 40 48 161 237
Mixed bank 7: Questions 33.1 to 33.20 40 48 167 239
Mock exams
Mock exam 1 (Pilot Paper) 100 120 245 261
Mock exam 2 100 120 277 291

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FFA/F3 FINANCIAL ACCOUNTING
Helping you with your revision – the ONLY FFA/F3 Practice and
Revision Kit to be reviewed by the examiner!
BPP Learning Media – the sole Platinum Approved Learning
Partner - content
As ACCA’s sole Platinum Approved Learning Partner – content, BPP Learning Media gives you the
unique opportunity to use examiner-reviewed revision materials for exams from February 2013 to
January 2014. By incorporating the examiner’s comments and suggestions regarding syllabus coverage,
the BPP Learning Media Practice and 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 Pilot Paper.
Mock exam 2 reflects the question styles and syllabus coverage of the exam.
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USING YOUR BPP PRACTICE AND REVISION KIT
Using your BPP Practice and Revision Kit
Aim of this Practice and 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 Interactive 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.
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