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F7 Chapter 24 – Practice Question 1 (Multiple choice question) on IFRS 15

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › F7 Chapter 24 – Practice Question 1 (Multiple choice question) on IFRS 15

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by suzannemif.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • November 24, 2015 at 7:16 pm #284972
    suzannemif
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    Good afternoon,

    Can you kindly help me in explaining how to arrive to the answer €4380. I have tried to arrive to the answer in several ways however I am really not finding the way to it.

    This is how I would answer the question
    Costs incurred plus to complete (5m +16m) * 30% = 6.3m
    Costs recognised in the prev year Aug 14 = 1.6m or Costs for Aug 14 (1.6+20) * 8%= 1.728

    Therefore costs for Aug 15 should be (6.3m – 1.6m) = 4.7m or (6.3m-1.728m)= 4.57m however the answer is 4.38m in the multiple choice.

    Thank you.

    November 24, 2015 at 8:07 pm #284986
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22702
    • ☆☆☆☆☆

    Which page of the course notes is this question on?

    November 24, 2015 at 8:14 pm #284988
    suzannemif
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    I found this question in chapter 24 practice questions on ifrs 15 (which are multiple choice) , not in the notes. It is the first question that comes up.

    Thanks

    November 24, 2015 at 8:22 pm #284992
    suzannemif
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    This is the link to the questions: https://opentuition.com/acca/f7/f7-chapter-24-questions/

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