ACCA Financial Reporting (FR): Free Mock Test & Practice Questions

ACCA Financial Reporting (FR)

This exam is for students at the Applied Skills level, building on knowledge from Financial Accounting (FA). Passing is essential for progressing to the Strategic Professional level, particularly the Strategic Business Reporting (SBR) paper.

Pass mark 50/72 120 minutes Real test fee approx Association of Chartered Certified Accountants (ACCA) How many can I get wrong?

Little and often beats one big session. Five minutes on the bus counts.

Free practice questions

Try 3 real ACCA Financial Reporting (FR) questions

Have a go, then reveal the worked explanation. A taster from a bank of 207 original questions — unlock for unlimited drills and full timed mocks.

Q1. According to the IASB's Conceptual Framework for Financial Reporting, which of the following is a fundamental qualitative characteristic of useful financial information?

A. Comparability
B. Timeliness
C. Relevance
D. Verifiability

Show answer & explanation

✓ Answer: C. Relevance

Relevance and faithful representation are the two fundamental qualitative characteristics. The others listed are enhancing qualitative characteristics.

Q2. Which of the following conditions must ALL be met for a company to recognise a provision under IAS 37?

A. A present obligation, a probable outflow of resources, and the amount can be measured.
B. A past event has occurred and it is more likely than not that an outflow will occur.
C. A present obligation (legal or constructive) as a result of a past event, a probable outflow of economic benefits, and a reliable estimate can be made of the amount.
D. A possible obligation, a probable outflow of economic benefits, and a reliable estimate can be made.

Show answer & explanation

✓ Answer: C. A present obligation (legal or constructive) as a result of a past event, a probable outflow of economic benefits, and a reliable estimate can be made of the amount.

IAS 37 specifies three criteria for recognising a provision: a present obligation from a past event, a probable outflow of economic benefits, and a reliable estimate of the amount. A 'possible' obligation is a contingent liability.

Q3. A company uses the fair value model for its investment properties. An investment property had a fair value of £1,000,000 at 31 December 20X1. During the year to 31 December 20X2, the company spent £50,000 on enhancing the property. The property's fair value at 31 December 20X2 was £1,120,000. What is the total gain to be recognised in profit or loss for the year ended 31 December 20X2?

A. £120,000
B. £70,000
C. £170,000
D. £50,000

Show answer & explanation

✓ Answer: B. £70,000

Under the fair value model, capital expenditure is not added to the carrying amount. The movement in fair value is recognised in profit or loss. Gain = Closing fair value (£1,120,000) - Opening fair value (£1,000,000) - Capital expenditure (£50,000) = £70,000.

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ACCA Financial Reporting (FR) — common questions

Frequently asked

How many questions are in the ACCA Financial Reporting (FR)?

The exam has 72 questions. Every Revision Robin mock uses the same 72-question format so your practice matches the real thing.

What is the pass mark for the ACCA Financial Reporting (FR)?

You need 50 out of 72 correct to pass, which is about 69%. Our mocks mark you against this exact threshold.

How long do you get?

The test is timed at 120 minutes. Our full mock runs on the same clock so you can practise your pacing.

Are these the real exam questions?

No. Our questions are original and written to match the current syllabus, so they give realistic practice without copying the official paper. Every answer comes with a plain-English explanation. Always confirm current rules and content with Association of Chartered Certified Accountants (ACCA).

How much does the official test cost?

The official Association of Chartered Certified Accountants (ACCA) fee is approx. Revision Robin practice is separate and helps you pass first time so you only pay that fee once.