Paper 7 Financial Accounting

Aim: This paper aims to develop and assess the understanding and application of the principles and mechanics of financial accounting.

 

Examination Format

Section A

15 – 25 multiple choice questions

20 marks

Section B

1 compulsory question

30 marks

Section C

2 out of 4 questions

50 marks

100 marks

 

Reference Books or Readings

 

Author

Title

Publisher

Ng, P. H. and Lau, C. K.

Advanced Accounting

HKIAAT

Hui, W. F. and Ng, P. H.

Accounting in Hong Kong: Regulatory Framework and Advanced Accounting Practice

City University of Hong Kong Press

Chow, L., Taylor, D. W. and Tsui, C.

Advanced Financial Accounting in Hong Kong

Longman

HKICPA

HKICPA Members’ Handbook: Foreword, Framework and Accounting Standards

HKICPA

Kaplan

Paper F7 Financial Reporting (International)

Kaplan

BPP

Paper F7 Financial Reporting International Stream

BPP

 

Course Outline

 

Chapter

Title

HKAS/HKFRS

Updated on

1

Principle of Financial Accounting

Exercise Answers

Questions

Answers

22 Feb 10

19 Apr 10

16 Mar 10

4 May 10

2

Presentation of Financial Statements

Exercise Answers

Questions

Answers

HKAS 1

22 Feb 10

19 Apr 10

19 Apr 10

4 May 10

3

Accounting Policies, Changes in Accounting Estimates and Errors

Exercise Answers

Questions

Answers

HKAS 8

22 Feb 10

 

19 Apr 10

21 Apr 10

4 May 10

4

Substance of Transactions

Exercise Answers

Questions

Answers

UKFRS 5

26 Feb 10

19 Apr 10

21 Apr10

4 May 10

5

Leases

Exercise Answers

Questions

Answers

Discount table

HKAS 17

16 Mar 10

19 Apr 10

21 Apr 10

4 May 10 

16 Mar 10

6

Provisions and Events after Balance Sheet Date

Exercise Answers 

Questions

Answers

HKAS 10 & 37

25 Mar 10

19 Apr 10

18 May 10

18 May 10

7

Related Party Disclosure

Exercise Answers

Questions

Answers

HKAS 24

7 Apr 10

11 Aug 10

18 May 10

25 May 10

8

Revenue

Exercise Answers

Questions

Answers

HKAS 18

14 Apr 10

11 Aug 10

25 May 10

25 May 10

9

Property, Plant and Equipment

HKAS 16

19 Apr 10

10

Investment Properties

Questions

Answers

HKAS 40

28 Apr 10

3 Jun 10

3 Jun 10

11

Intangible Assets

Questions

Answers

HKAS 38

4 May 10

3 Jun 10

3 Jun 10

12

Impairment of Assets

Questions

Answers

HKAS 36

4 May 10

10 Jun 10

10 Jun 10

13

Borrowing Costs

Questions

Answers

HKAS 23

4 May 10

14

Accounting for Government Grants and Disclosure of Government Assistance

Questions

Answers

HKAS 20

7 May 10

15

Inventories and Construction Contracts Questions

Answers

HKAS 2 & 11

7 May 10

16

Basic Consolidation

Questions

Answers

HKAS 27

7 May 10

17

Investment in Associates and Joint Ventures

Questions

Answers

HKAS 28 & 31

7 May 10

18

Simple Cash Flow Statements

Questions

Answers

HKAS 7

7 May 10

26 May 10

26 May 10

19

Ratio Analysis

Questions

Answers

7 May 10

10 Jun 10

10 Jun 10

 

Preparation of Financial Statements

Questions

Answers

Revision 1

Revision 1 Ans

Revision 2

Revision 2 Ans

Revision 3

Revision 3 Ans

Revision 4

Revision 4 Ans

Revision 5

Revision 5 Ans

 

Useful Links

HKIAAT

HKICPA

ACCA

IAS PLUS

 

Prepared by: Harris Lui

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