Free Questions › ACCA › Financial Reporting

Free ACCA Financial Reporting Practice Questions & Answers

400 exam-style Financial Reporting questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.

100% free · No login to start

Question 31

Which body is responsible for setting International Financial Reporting Standards (IFRS)?

Select an option first.

Question 32

Which of the following is NOT one of the five main elements of financial statements?

Select an option first.

Question 33

What does 'faithful representation' require of financial information?

Select an option first.

Question 34

Under which concept are transactions recorded in the period they occur rather than when cash changes hands?

Select an option first.

Question 35

What is the consistency concept in accounting?

Select an option first.

Get the full ACCA question bank — free

Drop your email and we'll send you fresh ACCA practice questions, fully worked solutions and exam-deadline reminders. No spam — unsubscribe in one click.

Want to save your score and take a full mock exam? Create a free account →

Question 36

Which of the following would be treated as capital expenditure?

Select an option first.

Question 37

What is the purpose of the statement of changes in equity?

Select an option first.

Question 38

Which of the following best describes a liability of uncertain amount?

Select an option first.

Question 39

Prudence in financial reporting means:

Select an option first.

Question 40

What does the term 'double-entry bookkeeping' mean?

Select an option first.

Question 41

The fundamental qualitative characteristics of financial information under the Conceptual Framework are:

Select an option first.

Question 42

What is amortisation?

Select an option first.

Question 43

What is the matching principle in accounting?

Select an option first.

Question 44

Which of the following is recognised as an expense in the period incurred?

Select an option first.

Question 45

An entity changes its depreciation method from reducing balance to straight-line. How should this be accounted for?

Select an option first.

Question 46

A company changes its policy for measuring investment property from cost to fair value. This should be accounted for:

Select an option first.

Question 47

An error made in last year's financial statements is discovered this year. Which of the following correctly describes how it should be treated?

Select an option first.

Question 48

Which of the following would be classified as a change in accounting estimate rather than a change in accounting policy?

Select an option first.

Question 49

What is the key distinction between a constructive obligation and a legal obligation?

Select an option first.

Question 50

When should a provision be recognised in the financial statements?

Select an option first.

Question 51

A contingent liability should be:

Select an option first.

Question 52

A contingent asset should be:

Select an option first.

Question 53

Which of the following is an example of an adjusting event after the reporting period?

Select an option first.

Question 54

A final dividend declared by the board after the year end but before the financial statements are authorised should be:

Select an option first.

Question 55

What is the effect on the financial statements if the going concern assumption is no longer appropriate?

Select an option first.

Question 56

An onerous contract is one where:

Select an option first.

Question 57

Which of the following best explains the difference between income and revenue?

Select an option first.

Question 58

Which of the following correctly describes the concept of prudence?

Select an option first.

Question 59

What does substance over form mean in accounting?

Select an option first.

Question 60

Under the Conceptual Framework, when is income recognised?

Select an option first.

Before you go, can we ask you one thing?

Thank you

Free ACCA Financial Reporting Practice Questions & Answers

Privacy Preference

Before you go, can we ask you one thing?

Thank you