ACCA 2026 FR Financial Reporting Consolidation Free Quiz 2

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ACCA 2026 FR Financial Reporting Consolidation Free Quiz 2

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ACCA 2026 FR Financial Reporting Consolidation Free Quiz 2

Practice ACCA 2026 FR Financial Reporting MCQs from Consolidation. Get instant results with Explanation.

General10 MCQs

1. How are unrealised profits in inventory treated in consolidation?

A. Unrealised profit in inventory is eliminated in consolidationB. Unrealised profit in inventory is recognised in fullC. Unrealised profit in inventory is only eliminated if it is materialD. Unrealised profit in inventory is not eliminated

2. What is the effect of eliminating intra-group profits in inventory?

A. Intra-group profits affect only the statement of profit or lossB. Intra-group profits affect only the statement of financial positionC. Intra-group profits are not eliminatedD. Intra-group profits affect both the statement of profit or loss and financial position

3. At what value are assets recognised in a business combination?

A. Assets are recognised at book value in a business combinationB. Assets are recognised at fair value in a business combinationC. Assets are recognised at cost in a business combinationD. Assets are not recognised in a business combination

4. How is the statement of cash flows prepared for a group?

A. The group statement of cash flows is the same as the parent'sB. The group statement of cash flows is not preparedC. The group statement of cash flows combines the cash flows of all group entities, eliminating intra-group flowsD. The group statement of cash flows is prepared only for the parent

5. How is the disposal of a subsidiary accounted for in group accounts?

A. Disposal of a subsidiary results in a gain/loss in the group accountsB. Disposal of a subsidiary is not recognised in the group accountsC. Disposal of a subsidiary results in a gain/loss only in the parent's accountsD. Disposal of a subsidiary has no effect on the group accounts

General10 MCQs

6. How is a gain on bargain purchase treated?

A. A bargain purchase gain is recognised in OCIB. A bargain purchase gain is recognised as a liabilityC. A bargain purchase gain is recognised as a reduction of goodwillD. A bargain purchase gain is recognised in profit or loss immediately

7. How is goodwill impairment allocated between parent and NCI?

A. Goodwill impairment is allocated entirely to the parentB. Goodwill impairment is allocated between parent and NCI based on their ownershipC. Goodwill impairment is not recognisedD. Goodwill impairment is allocated only to NCI

8. What are the steps for consolidating a subsidiary at a date after acquisition?

A. Consolidation is done only at the acquisition dateB. Consolidation is done only onceC. Consolidation at a date after acquisition requires adjusting for post-acquisition movements and fair valuesD. Consolidation after acquisition is not required

9. How is post-acquisition profit of a subsidiary allocated?

A. Parent share of post-acquisition profit goes to consolidated retained earnings; NCI share goes to NCIB. All post-acquisition profit goes to consolidated retained earningsC. All post-acquisition profit goes to NCID. Post-acquisition profit is not consolidated

10. What is included in the consolidated statement of financial position?

A. The consolidated statement of financial position shows only the parent's assets and liabilitiesB. The consolidated statement of financial position includes all assets and liabilities, but not NCIC. The consolidated statement of financial position includes assets and liabilities but not equityD. The consolidated statement of financial position includes all assets and liabilities, with NCI in equity

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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