These are ACCA F1 (BT/FBT) Business and Technology MCQs for Chapter; The role of accounting.

These MCQs are designed in a way that students could better understand the exam format and get used to practice online. This approach will reduce exam stress and enable students to prepare better.

We request the students, Not to solve the MCQs until they have finished the entire chapter “The role of accounting”.

All the questions are compulsory, so do not skip any.

INFORMATION ABOUT THESE MCQs Test

Course: ACCA
Fundamental Level: Knowledge, FIA
Subject: Business And Technology
Paper: F1 – BT
Chapter: The role of accounting
Chapter Number: 10 of the Practice and Exam Kit; and 14 and 15 of the Study Text
Syllabus Area: C – Accounting and reporting systems, technology, compliance and controls
Questions Type: MCQs
Exam Section: Section A

Number of the Questions

These MCQs Test consist of 27 Questions that covers the Chapter; The role of accounting of ACCA F1 (BT) Business and Technology Module.

Time

These MCQs have a deadline. Students have to finish the Test within the given time period so Students can get used to finishing the Exam in time.

As in ACCA Exam, there are 1.8 minutes per mark. So each 2 marks question have 3.6 minutes to complete.

This Test includes some MCQs that worth 2 marks and some worth 1 Mark. We therefore giving an average time to complete the Test.

This Test has 27 questions, so Students have total 54 minutes to complete the Test.

Result

Students can see their result at the end of the test. Further, the correct and wrong questions. Moreover, the explanation of wrong questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those answers which seems to you correct/ or incorrect, as per the requirement of the question. Keep your eye on the wording “(select all those which are correct/ or incorrect)“.
Drop down: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.

Keywords

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F1 - Chapter 10 - Part C Test - MCQs and MTQs

1 / 27

Three of the following are outputs of a payroll system, and one is an input to the system. Which is the input?

Payroll analysis

Pay slips

Credit transfer forms

Time sheets

2 / 27

There is a need for co-ordinated information flow between sections and departments in accounting management. To which of the following should the receivables ledger section give information about overdue debts?

Cost accounting staff

The credit control department

The payables ledger section

3 / 27

Which of the following user groups of financial and accounting information are likely to need, and have access to, this information most?

Shareholders of the company

Managers of the company

Financial analysis advisers

4 / 27

The preparation and filing of accounts by limited companies each year is required by which of the following?

International Accounting Standards

Local Accounting Standards

Codes of corporate governance

National legislation

5 / 27

Legally binding rules relating to the disclosure and presentation of financial statements are set down in which of the following?

National legislation

Rule books of professional accountancy bodies

Generally agreed accounting principles

International financial reporting standards

6 / 27

Which function in an organisation is responsible for ensuring that only properly authorised purchases which are necessary for the business are made?

Purchasing/procurement

Goods inwards

Finance/accounts

Production/operations

7 / 27

A ....................................... is a program which deals with one particular part of a computerised business accounting system.

Which of the following terms correctly completes this definition?

8 / 27

Office Automation Systems are designed mainly to increase the ....................................... of data and information workers.

Which word correctly completes this sentence.

9 / 27

All the following statements, except one, are examples of the advantages that a computer-based accounting system used by a management accountant has over a manual system.

Which statement is the exception?

A computer-based accounting system will always reject inaccurate financial information input to the system's database

A computer-based accounting system is easier to update as new information becomes available

The management accountant can more readily present financial information to other business departments in a variety of forms

Financial calculations can be performed more quickly and accurately

10 / 27

International Financial Reporting Standards are issued by which of the following organisations?

IASB

ASB

The European Union

11 / 27

Which of the following statements about data security is NOT true?

It is impossible to prevent all threats cost-effectively.

Smoke detectors are a form of data protection.

Loss or corruption of data is almost always non-deliberate.

New staff in particular pose a threat.

12 / 27

In a typical finance function, preparation of budgets and budgetary control would usually be the responsibility of which of the following roles?

The Treasurer

The Management Accountant

The Financial Controller

13 / 27

Which of the following does company law require a statement of financial position to give?

A true and fair view of the profit or loss of the company for the financial year

A true and fair view of the statement of affairs of the company as at the end of the financial year

An unqualified (or 'clean') report on the statement of affairs of the company as at the end of the financial year

14 / 27

To whom should the internal audit department of an organisation report?

The audit committee of the board of directors

The Finance Director

The shareholders

15 / 27

Which of the following is an aim of the control system relating to accounts payable and purchases?

To ensure that all credit notes that have been issued are recorded in the general and receivables ledgers

To ensure that goods and services are only supplied to customers with good credit ratings

To ensure that potentially doubtful debts are identified

To ensure that all credit notes received are recorded in the general and payables ledger

16 / 27

Capture F1 (BT) - Chapter 10 MCQ's (The role of accounting) - ACCA Business Students Platform

What element of a database system is represented by the question mark in the above diagram?

17 / 27

....................................... Systems pool data from internal and external sources and make information available to senior managers, for strategic, unstructured decision-making.

Which word or phrase correctly completes this sentence?

18 / 27

All of the following, with one exception, are areas in which an integrated accounting software package has advantages compared to a series of separate (stand-alone) dedicated programs. Which is the exception?

Efficiency in updating data

Flexibility in preparing reports

Data integrity

Specialised capabilities

19 / 27

Which of the following statements, in the context of computerised accounting systems, is NOT true?

Information and Communication Technology (ICT) systems are more efficient than manual systems for any task an accountant may have to perform.

Computerised systems reduce the risk of errors in financial calculations.

A database is a structured, centralised pool of data which can be accessed by a number of applications.

A spreadsheet is particularly useful for creating financial models.

20 / 27

A small company's computer system comprises five desktop personal computers located in separate offices linked together in an intranet within the same building. The computers are not connected to the Internet and employees are not allowed to take storage media into or out of the building. Information which the business' owner wishes to keep confidential to herself is stored in one of the computers.

Which of the following statements can be concluded from this information?

This company's computer system does not need a password access system

This company's computer system does not receive email from customers or suppliers

This company's computer system does not need a back-up storage system

21 / 27

Gordon works in the accounts department of a retail business. He and his colleagues are looking at the sales figures for various types of clothing. The director asks them to use exception reporting to summarise their findings.

Which of the following correctly defines the concept of 'exception reporting' within a business context?

The reporting of unusual events, outside the normal course of events

The scrutiny of all data as a matter of course, save in exceptional circumstances

The preparation of reports on routine matters on an 'ad hoc' basis

The analysis of those items where performance differs significantly from standard or budget

22 / 27

All of the following, except one, are tasks that can be performed by spreadsheet software. Which is the exception?

The application of logical tests to data

The application of 'What if?' scenarios

The presentation of numerical data in the form of graphs and charts

Automatic correction of all data entered by the operator into the spreadsheet

23 / 27

Which of the following statements about accounting information is NOT correct?

Charities and professional bodies do not have to produce financial statements in the same way as businesses.

Accounting information should be relevant, reliable, complete, objective and timely.

Accountants have a strong obligation to ensure that company accounts conform to accounting standards

Some companies voluntarily provide specially-prepared financial information to employees.

24 / 27

All the following, with one exception, are examples of advantages of a computer-based accounting system over a manual system. Which statement is the exception?

Financial information can be presented to other business departments in a variety of forms

Financial calculations can be performed more quickly and accurately

The system is easier to update as new information becomes available

There is much stronger provision for data security

25 / 27

All the following statements, except one, describe the relationship between data and information.

Which is the exception?

The relationship between data and information is one of inputs and outputs.

Information is data which has been processed in such a way as to be meaningful to the person who receives it.

Data is always in numerical form whereas information is always in text form.

26 / 27

Joseph has just started his first job in an accountancy department. A qualified senior member of staff explains to him what the main aim of accounting is.

Which of the following options is the correct aim of accounting?

To record every financial transaction individually

To produce a trial balance

To maintain ledger accounts for every asset and liability

To provide financial information to users of such information

27 / 27

Which of the following is NOT part of the regulatory system?

The European Union

International financial reporting standards

GAAP

IFAC

Your score is

F1 (BT) – Chapter 10 MCQ’s (The role of accounting) – ACCA