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ACCA F1 TEST BANK QUESTIONS AND ANSWERS
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1. An Organization is a social arrangement which pursues collective goals, which controls its own performance. 
A. True 
B. False. correct answer: A 
 
2. Organization is not preoccupied with performance. 
A. True 
B. False correct answer: B 
 
Organization is preoccupied with performance 
 
3. Organization accumulates and share knowledge. 
A. True 
B. False correct answer: A 
 
4. Organization enable people to be more .................................... 
A. Limited 
B. Educated 
C. Producti...
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ACCA Financial Accounting Equations
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Asset Equation - Assets = Capital + Liabilities 
 
Capital (Equity) Equation - Capital = Assets - Liabilities 
 
Assets Equation (Long) - Assets = Capital + Liabilities + Profit - Drawings 
 
Profit Equation - Profit = Total Revenue - Total Cost 
 
Gross Profit Equation - Gross Profit = Sales Revenue - Cost of Sales 
 
Tax To Pay Equation - Tax to Pay = Output Tax (Sales) - Input Tax (Purchases) 
 
Cost of Sales Equation - Opening Inventory + Purchases - Closing Inventory 
 
Straight Line Deprec...
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ACCA - F5 Study Questions With Complete Solutions
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What are the 3+1 stages of absorption costing? correct answer: 1. Allocation 
2. Apportionment 
3. Absorption = Production Cost 
4. Under/over = Non prod OH 
 
Why would you use Absorption Costing? correct answer: Valuing Inventory 
Pricing Decisions 
Establishing profitability 
 
What are pros and cons of absorption and marginal costing? correct answer: *Absorption* 
-Avoids varying profits if sales are seasonal 
-Consistent with accounting standards 
-Recognises Long Run variable costs 
 
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ACCA F3 v1 Questions With Complete Solutions.
- Exam (elaborations) • 24 pages • 2023
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Main Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED 
 
Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS 
 
Net Assets correct answer: Net assets = Total assets - Total liabilities 
 
Gross Profit formula correct answer: Gross Profit = Sales - Cost of Goods Sold 
 
COGS (Cost of Goods Sold) formula correct answer: Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory...
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ACCA F1 Questions With Complete Solutions
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Organisation correct answer: A social arrangement which pursues collective goals, which controls its own performance and which has a boundary separating it from its environment. 
 
Public sector organisations correct answer: Organisations owned or run by central or local government or government agencies. 
 
Co-operatives correct answer: Business owned by their workers or customers. [one member, one vote] 
 
Mutual associations correct answer: Mutual associations are owned by their members s...
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ACCA F8 - Audit and assurance Questions With Complete Solutions
- Exam (elaborations) • 5 pages • 2023
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CHAPTER 4 - PROFESSIONAL ETHICS AND QUALITY CONTROL PROCEDURES correct answer: ° Professional ethics and ACCA code of ethics and conducts 
° obtaining, accepting and continuing audit engagements 
 
Ethics correct answer: Ethics can be described as moral principles that govern a persons or groups behavior. 
 
Professional ethics 
Professional codes of ethics correct answer: relate to the standard of behavior expected from professional people. 
 
What is the current guidance on ethics for AC...
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ACCA SBL Questions With Complete Solutions
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Objectives of Internal Control correct answer: RORCS 
Risk management: Manage and control risk appropriately rather than eliminate it. 
Operations: Effectiveness and efficiency of operations. 
Reporting: ensure the reliability of internal and external reporting. 
Compliance: Assist compliance with laws and regulations. 
Safeguarding assets: safeguard the shareholders' investments and the company's assets. 
 
Inherent limitations of internal control (only reasonable assurance on the achievemen...
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ACCA Accounting Glossary Questions With Complete Solutions
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Float correct answer: In the petty cash box there will normally be a small amount of cash available to make payments, this is called a float. 
 
Gains correct answer: This is non-standard income for the business. Their trade may be in selling clothing, but occasionally they may sell an asset, such as a van or piece of equipment, and it will give rise to a gain. This is gains income, and may also be called a profit on sale of a non-current asset. 
 
General ledger correct answer: a ledger cont...
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ACCA F3 Study Questions With Complete Solutions
- Exam (elaborations) • 10 pages • 2023
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Dividends correct answer: Are appropriations of profit after tax 
 
Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year 
-in mid year, after the half-year financial results are known, the company might pay an interim dividend 
-at the end of the year, the company might declare a further final dividend 
 
Interim dividend correct answer: Dividends declared and paid during the year 
-declared: 
Debit retained earnings 
Credit divi...
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ACCA Practice Test Questions with Correct Answers
- Exam (elaborations) • 51 pages • 2023
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ACCA Practice Test Questions with Correct Answers 
Accountability of Internal audit - ANSWER CC 
1 access all parts of th organization 
2auditor can freely comment the performance of managent 
3should be actioned at th highest level to ensure its effectice implementation 
 
Absolution - ANSWER FC one set of ethic rules should fits in all cultures without exception 
 
Accounting - ANSWER CC 
1the transactions: book of primary entry 
2analysed and posted to ledger 
3sum...
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