F3 – (FA) – MCQ’s/Quiz #1 | ACCA

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This is Quiz #1 for ACCA F3 (FA/FFA) Financial Accounting Students.

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

We request the students, do not take the quiz until they have finished the syllabus.

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

Number of the Questions

This Quiz consists of 20 Questions which covers the entire F3 (FA/FFA) syllabus.

Time

The Quiz have a timer. Students have to finish the quiz within the given time period.
As in ACCA Exam, there are 1.8 minutes per mark. So each 2 marks question have 3.6 minutes to complete. The Quiz have 20 questions, so Students have total 72 minutes to complete the quiz.

Result

Students can see your result at the end of the quiz 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 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)“.
Drop down: Select from the list provided.
Type: Type your answer in numbers as per the requirement of the question.





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211

F3 - FA - Quiz #1

You have 20 Questions to complete within 72 minutes (1 hour and 12 minutes).
You will see the Result at the end of the quiz.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those which seems to you correct/ or incorrect, as per the requirement of the question. (Wording: select all those which are correct)
Dropdown: Select from the list provided.
Type: Type your answer in numbers as per the requirement of the question.

1 / 20

1.
Capture 20 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

2 / 20

2. The following information is available about the transactions of Razil, a sole trader who does not keep proper accounting records:

Opening inventory --> $77,000
Closing inventory --> $84,000
Purchases --> $763,000
Gross profit as a percentage of sales --> 30%

Based on this information, what is Razil's sales revenue for the year?

3 / 20

3. Which of the following statements are correct?

(i) A liability is a present obligation of the entity to transfer an economic resource as a result of past events.
(ii) An uncertain liability may be called a provision.
(iii) A contingent liability should be disclosed in the notes to the financial statements.

4 / 20

4. A business had an opening inventory of $180,000 and a closing inventory of $220,000 in its financial statements for the year ended 31 December 20X5.

Which of the following entries for these opening and closing inventory figures are made when completing the financial records of the business?

Capture 29 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

5 / 20

5. A limited liability company's trial balance does not balance. The totals are:

DEBIT      $384,030
CREDIT    $398,580
A suspense account is opened for the difference.

Which of the following pairs of errors could clear the balance on the suspense account when corrected?

6 / 20

6. A business sublets part of its office accommodation.

The rent is received quarterly in advance on 1 January, 1 April, 1 July and 1 October. The annual rent has been $24,000 for some years, but it was increased to $30,000 from 1 July 20X5.

What amounts for this rent should appear in the company's financial statements for the year ended 31 January 20X6?

  Profit or Loss         Financial Position
A)   $27,500      $5,000 in accrued income
B)   $27,000      $2,500 in accrued income
C)   $27,000      $2,500 in deferred income
D)   $27,500      $5,000 in deferred income

7 / 20

7. At 1 July 20X4 a limited liability company's capital structure was as follows:

Share capital 1,000,000 shares of 50c each --> $500,000
Share premium account --> $400,000
In the year ended 30 June 20X5 the company made the following share issues:
1 January 20X5:
A bonus issue of one share for every four in issue at that date, using the share premium account.
1 April 20X5
A rights issue of one share for every ten in issue at that date, at $1.50 per share.

What will be the balances on the company's share capital and share premium accounts at 30 June 20X5 as a result of these issues?

8 / 20

8. Which of the following statements about intangible assets are correct?

  1. If certain criteria are met, research expenditure must be recognised as an intangible asset.
  2. The notes to the financial statements should disclose the gross carrying amount and the accumulated amortisation at the beginning and the end of the period for each class of intangible asset.
  3. Intangible assets must be amortised over their useful life.

9 / 20

9. The following information is available for Orset, a sole trader who does not keep full accounting records:

Inventory 1 July 20X4    --> $138,600
30 June 20X5 --> $149,100
Purchases made for year ended 30 June 20X5 --> $716,100
Orset makes a standard gross profit of 30 percent on sales.

Based on these figures, what is Orset's sales figure for the year ended 30 June 20X5?

10 / 20

10. The following bank reconciliation statement has been prepared by a trainee accountant at 31 December 20X5.

Capture 27 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

What should the final cash book balance be when all the above items have been properly dealt with?

11 / 20

11. IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.

Which of the following statements about the IAS 2 requirements in this area are correct? (select all those which are correct)

12 / 20

12. The following payables ledger control account contains some errors. All goods are purchased on credit.

Capture 24 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

What should the closing balance be when the errors have been corrected?

13 / 20

13. A company's trial balance failed to agree, and a suspense account was opened for the difference.

Subsequent checking revealed that sales returns of $130 had been credited to the purchases returns account and an entry on the credit side of the cash book for the purchase of some machinery $18,000 had not been posted to the plant and machinery account.

Which TWO of the following journal entries would correct the errors?

Capture 23 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

14 / 20

14. Which of the following items may appear in a company's statement of changes in equity, according to IAS 1 Presentation of Financial Statements? (select all those which are correct)

15 / 20

15.
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16 / 20

16. Which of the following events after the reporting period would normally qualify as adjusting events according to IAS 10 Events After the Reporting Period?

  1. The bankruptcy of a credit customer with a balance outstanding at the end of the reporting period
  2. A decline in the market value of investments
  3. The declaration of an ordinary dividend
  4. The determination of the cost of assets purchased before the end of the reporting period

17 / 20

17.
Capture 10 F3 - (FA) - MCQ's/Quiz #1 | ACCA Business Students Platform

18 / 20

18. Which of the following statements are correct?

  1. Contingent assets are included as assets in financial statements if it is probable that they will arise.
  2. Contingent liabilities must be provided for in financial statements if it is probable that they will arise.
  3. Material non-adjusting events are disclosed by note in the financial statements.

19 / 20

19. William's trial balance at 30 September 20X5 includes the following balances:

Trade receivables $61,427
Receivables allowance $2,079

How should these balances be reported in William's statement of financial position as at 30 September 20X5?

20 / 20

20. Which three from the following are the purposes of receivables ledger control account?

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