F3 (FA/FFA) – Chapter 22 – PART F – CBE MCQs – ACCA

These are ACCA F3 (FA/FFA) Financial Accounting MCQs for Part-F of the Syllabus “Preparing basic financial statements”.

These MCQs are designed in a way that students could better understand the exam format and get used to practice online. This approach will reduce exam stress and enable students to prepare better.

We request the students, Not to solve the MCQs until they have learned and finished the entire F3 (FA/FFA) Financial Accounting Chapter 22 – Disclosure notes and Syllabus Area Part-F “Preparing basic financial statements”.

All the questions are compulsory, so do not skip any.


Course: ACCA – Associations of Chartered Certified Accountants
Fundamental Level: Knowledge, FIA – Foundation in Accounting
Subject: Financial Accounting
Paper: F3 – MA/FMA
Chapter: Disclosure notes
Chapter Number: 22 of the Practice and Exam Kit
Syllabus Area: F – “Preparing basic financial statements”
Questions Type: CBE MCQs
Exam Section Type: Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part F of the Syllabus; “Preparing basic financial statements” of ACCA F3 (FA/FFA) Financial Accounting Module.


These multiple-choice questions (MCQs) are not timed, allowing students to solve them without feeling any pressure and to pay proper attention to the questions.


Students can see their result at the end of the Quiz. They can also be able to see the number of correct and wrong questions. Moreover, the explanation of wrong 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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F3 - Chapter 22 - Part A - MCQs

Course: ACCA - FIA
F3 (FA/FFA) Financial Accounting
Syllabus Area: F - Preparing basic financial statements
Chapter in Kit: 22 - Disclosure notes
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit


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1 / 9

A certain IFRS requires that the following disclosure is made in a note to the financial statements:

  1. A brief description of its nature
  2. Where practicable an estimate of the financial effect
  3. An indication of the uncertainties relating to the amount or timing of any outflow
  4. The possibility of any reimbursement

Which of the following does the above disclosure apply to?

2 / 9

Which of the following statements is/are correct?

  1. IAS 37 requires disclosure in the notes to the financial statements of the uncertainties affecting the outcome of a provision
  2. IAS 10 requires disclosure of the nature and financial effect of a non-adjusting event after the reporting period in the notes to the financial statements

3 / 9

Which of the following should be disclosed in the note to the financial statements for inventories?

  1. The date the inventories were purchased or manufactured and/or how long they have been held as inventories
  2. The amount of inventories carried at net realisable value
  3. The accounting policies adopted in measuring inventories
  4. The useful life of the inventories

4 / 9

Which of the following best describes the purpose of disclosure notes in the financial statements?

5 / 9

Which of the following are required as disclosures by IAS 2 Inventories?

  1. The amount of write-downs of inventories in the period that have been recognised as an expense
  2. The original cost of inventories that are carried at net realisable value
  3. The carrying amount of inventories classified by type (for example, raw materials, work in progress)

6 / 9

Which of the following should be disclosed in the note to the financial statements for intangible assets?

  • The method of amortization used
  • A reconciliation of the carrying amount at the beginning and end of the period
  • The useful life of the assets
  • The net realizable value of any deferred development costs capitalized

7 / 9

Which one of the following is a disclosure about non-adjusting events required by IAS 10 Events After the Reporting Period?

8 / 9

Which of the following should be disclosed in the note to the financial statements for tangible non- current assets?

  1. The market value of all assets classified as tangible non-current assets, whether they have been revalued or not
  2. A reconciliation of the carrying amount of non-current assets at the beginning and end of the period
  3. For revalued assets, the methods and significant assumptions applied in estimating the fair value
  4. For revalued assets, the carrying amount of each class of assets that would have been included in the financial statements had the assets been carried at cost less depreciation

9 / 9

For which class or classes of assets should a company disclose in the notes to the financial statements a reconciliation of the opening carrying amount to the closing carrying amount, showing the movements in the period?

  1. Cash
  2. Intangible assets
  3. Tangible non-current assets
  4. Trade receivables

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