ExpertACCA
ACCA FA — Financial Accounting Practice Exam 4
65 free questions · No sign-up required to browse
A complete mock exam replication for ACCA Financial Accounting (FA), mirroring live computer-based testing parameters. Features 35 objective test questions and 2 multi-task scenario questions broken down into 30 independent sub-questions. This variant focuses on diverse business landscapes including heavy manufacturing, tech startups, NGOs, and renewable energy.
65
Questions
Mixed
Difficulty
50%
Pass mark
Difficulty breakdown
Easy(20)
Medium(34)
Hard(11)
Topics covered
Browse all topics →Interpretation of Financial StatementsPreparing Basic Financial StatementsPreparing Simple Consolidated Financial StatementsPreparing a Trial BalanceRecording Transactions and EventsThe Context and Purpose of Financial ReportingThe Qualitative Characteristics of Financial InformationThe Use of Double-Entry and Accounting Systems
Sample questions
Q01Medium2 marks
Global Water Initiative, an international NGO, receives a restricted grant of $500,000 specifically for building wells in rural communities over the next two years. According to the conceptual framework and basic accounting principles, how should this grant initially be recognized in the financial statements?
Q02Easy2 marks
MetroGrid Water, a public utility company, is preparing its annual financial statements. Which of the following best describes the primary purpose of corporate governance in this context?
Q03Medium2 marks
EuroTrade Logistics operates across multiple European borders. Which TWO of the following are primary functions of the IFRS Foundation and the International Accounting Standards Board (IASB)?
Q04Medium2 marks
CloudSync Inc, a tech startup, is developing a new proprietary algorithm. The directors want to capitalize $2 million of research costs to make the Statement of Financial Position look stronger. Which fundamental qualitative characteristic would be violated if they proceed?
Q05Medium2 marks
GreenHarvest Farms changes its depreciation method for tractors from straight-line to reducing balance to better reflect the pattern of usage. Which enhancing qualitative characteristic is primarily supported by disclosing this change and its financial effect in the notes?
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All questions (65)
Free to browse · no sign-up requiredQ01Global Water Initiative, an international NGO, receives a restricted grant of $500,000 specifically for building well...MediumQ02MetroGrid Water, a public utility company, is preparing its annual financial statements. Which of the following best ...EasyQ03EuroTrade Logistics operates across multiple European borders. Which TWO of the following are primary functions of th...MediumQ04CloudSync Inc, a tech startup, is developing a new proprietary algorithm. The directors want to capitalize $2 million...MediumQ05GreenHarvest Farms changes its depreciation method for tractors from straight-line to reducing balance to better refl...MediumQ06SkyLink Airways has suffered severe losses and its banking covenants have been breached. The bank has demanded immedi...EasyQ07A retail business receives a credit note from a supplier for goods returned due to damage. In which book of prime ent...EasyQ08A wholesale distributor has a receivables control account with an opening debit balance of $45,000. During the month,...MediumQ09In a manufacturing company, the total of the list of balances from the payables ledger is $34,500, but the payables c...HardQ10A service firm uses the imprest system for petty cash with a float of $250. At the end of the month, the petty cash b...MediumQ11Titan Steelworks is valuing its year-end inventory of steel beams. According to IAS 2 Inventories, which TWO of the f...MediumQ12A fashion retail company has 1,000 winter coats in inventory at year-end. The coats cost $50 each to manufacture. Due...MediumQ13A transport company purchases a delivery truck on 1 April 20X1 for $80,000. It has an estimated useful life of 5 year...MediumQ14A real estate company owns a building that originally cost $500,000 and has accumulated depreciation of $100,000. The...HardQ15Pharma R&D Co is working on a new drug. During the year, it spent $300,000 on initial research and $500,000 on develo...MediumQ16A telecom company pays its annual rent of $120,000 in arrears on 31 March each year. The company's financial year end...MediumQ17A software company pays an annual server hosting subscription of $36,000 in advance on 1 September each year. The com...MediumQ18A mining company operates a quarry. Under local legislation, it is legally required to restore the landscape once min...HardQ19A logistics company extracts a trial balance where total debits are $450,000 and total credits are $446,000. A suspen...HardQ20A construction company purchased new equipment for $15,000. The transaction was incorrectly recorded as a debit to th...EasyQ21An e-commerce company's cash book shows a debit balance of $12,400. The bank statement shows a credit balance of $13,...MediumQ22A hospitality business receives its bank statement showing an overdrawn balance of $4,200. The business discovers a d...MediumQ23A consulting firm has a suspense account with a debit balance of $800. Which TWO of the following errors, when correc...HardQ24When preparing a Statement of Cash Flows using the indirect method, how should an increase in trade receivables and a...MediumQ25A company's property, plant and equipment had a carrying amount of $450,000 at the start of the year and $520,000 at ...HardQ26A sole trader's net assets were $120,000 at the beginning of the year and $145,000 at the end of the year. During the...MediumQ27A business has a uniform gross profit mark-up of 25% on cost. During the year, sales were $250,000, opening inventory...HardQ28Which TWO of the following items are presented within the Equity section of a limited company's Statement of Financia...EasyQ29An investment firm acquires 30% of the voting shares of another entity. It has representation on the board of directo...MediumQ30MediaGroup Co acquires 100% of the share capital of PrintWorks Ltd for $800,000. At the date of acquisition, the fair...EasyQ31Food & Bev Holdings acquires 75% of SnackCo. At the reporting date, SnackCo reports a profit after tax of $100,000. D...HardQ32An automotive manufacturer has an Operating Profit (Profit Before Interest and Tax) of $600,000. Its total equity is ...EasyQ33An energy company issues $5 million of new equity shares to repay $5 million of its long-term bank loans. Assuming no...MediumQ34A retail business has Current Assets of $500,000 (which includes Inventory of $200,000) and Current Liabilities of $2...MediumQ35A tech company has a Profit After Tax of $1,200,000. It pays preference dividends of $200,000. The company has 4,000,...MediumQ36Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ37Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ38Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ39Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ40Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ41Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ42Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ43Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ44Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...HardQ45Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...HardQ46Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ47Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...MediumQ48Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ49Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...EasyQ50Scenario: On 1 January 20X4, Quantum Robotics Co acquired 80% of the equity share capital of Nano Assembly Ltd. Consi...HardQ51Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ52Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ53Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ54Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ55Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ56Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ57Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ58Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ59Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ60Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ61Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...EasyQ62Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ63Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ64Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...MediumQ65Scenario: Solaris Grid PLC operates in the renewable energy sector. Extracts from the financial statements for the ye...Easy