Research Expenditure is:

Expensed to Statement of Profit or Loss

Capitalized in Statement of Financial Position

Quiz

ACCA Paper F7

Shaikh Emad Gohar 10 questions

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1Which of the following standards relate to Tangible Assets?
1. AIAS 16
2. BIAS 38
2Which of the following Standards relate to Government Grants?
1. AIAS 10
2. BIAS 20
3Research Expenditure is:
1. AExpensed to Statement of Profit or Loss
2. BCapitalized in Statement of Financial Position
4Provisions are recorded as a:
1. ACurrent Liability
2. BNon Current Liability
5Accounting Policies are changed:
1. ARetrospectively
2. BProspectively
6Finance and Operating Leases are same in accounting treatment.
1. ATrue
2. BFalse
7Sale or return basis involves the recognition of Revenue.
1. ATrue
2. BFalse
8Contingent Asset is no longer a Contingent Asset when it is:
1. AVirtually Certain
2. BProbable
3. CPossible
4. DRemote
9Contingent Liabilities and Contingent Assets are disclosed not adjusted.
1. ATrue
2. BFalse
10Which paper is the father of F7?
1. AP2
2. BP4

Description: Professional Chartered Qualifications ACCA F7 Quiz on ACCA Paper F7, created by Shaikh Emad Gohar on 13/03/2014.
Author: Shaikh Emad Gohar
Language: English
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Tags: skills module acca f7 professional chartered qualifications
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