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ACCA F3 financial Accounting mock test papers

ACCA F3 financial Accounting mock test papers

ACCA F3 financial Accounting mock test papers: The F3 Financial Accounting specimen exam indicates how the paper will be assessed, structured and the likely style and range of questions that could be asked. Any student preparing to take this exam should familiarise themselves with the exam style.

ACCA F3 financial Accounting mock test papers: Section A – ALL 35 questions are compulsory and MUST be attempted

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each  multiple  choice question.

Each question is worth 2 marks.

  • Which of the following calculates a sole trader’s net profit for a period?

A     Closing net assets + drawings – capital introduced – opening net assets

B     Closing net assets – drawings + capital introduced – opening net assets

C     Closing net assets – drawings – capital introduced – opening net assets

D    Closing net assets + drawings + capital introduced – opening net assets

ACCA F3 financial Accounting mock test papers

Which of the following explains the imprest system of operating petty cash? A Weekly expenditure cannot exceed a set amount

  • The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
  • All expenditure out of the petty cash must be properly authorised
  • Regular equal amounts of cash are transferred into petty cash at intervals

3  Which of the following statements are TRUE of limited liability companies?

  • The company’s exposure to debts and liability is limited
  • Financial statements must be produced
  • A company continues to exist regardless of the identity of its owners
  • 1 and 2 only
  • 1 and 3 only
  • 2 and 3 only
  • 1, 2 and 3
  • Annie is a sole trader who does not keep full accounting The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X6:
Trade receivables, 1 July 20X5130,000
Trade payables, 1 July 20X560,000
Cash received from customers686,400
Cash paid to suppliers302,800
Discounts allowed1,400
Discounts received2,960
Contra between payables and receivables ledgers2,000
Trade receivables, 30 June 20X6181,000
Trade payables, 30 June 20X684,000


What figure should appear for purchases in Annie’s statement of profit or loss for the year ended 30 June 20X6?

A$325,840
B$330,200
C$331,760
D$327,760

 

  • Which TWO of the following errors would cause the total of the debit column and the total of the credit column of a trial balance not to   agree?
  • A transposition error was made when entering a sales invoice into the sales day book
  • A cheque received from a customer was credited to cash and correctly recognised in receivables
  • A purchase of non-current assets was omitted from the accounting records
  • Rent received was included in the trial balance as a debit balance
  • 1 and 2
  • 1 and 3
  • 2 and 3
  • 2 and 4
  • At 31 December 20X5 the following require inclusion in a company’s financial statements:
  • On 1 January 20X5 the company made a loan of $12,000 to an employee, repayable on 1 January 20X6, charging interest at 2% per On the due date she repaid the loan and paid the whole of the interest due on the loan to that date.
  • The company paid an annual insurance premium of $9,000 in 20X5, covering the year ending 31 August
  • In January 20X6 the company received rent from a tenant of $4,000 covering the six months to 31 December 20X5.

For these items, what total figures should be included in the company’s statement of financial position as at    31  December 20X5?

ACurrent assets $10,000Current liabilities $12,240
BCurrent assets $22,240Current liabilities $nil
CCurrent assets $10,240Current liabilities $nil
DCurrent assets $16,240Current liabilities $6,000
  • A company’s statement of profit or loss for the year ended 31 December 20X5 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to the motor expenses It is the company’s policy to depreciate motor vans at 25% per year on the straight line basis, with a full year’s charge in the year of acquisition.

What would the net profit be after adjusting for this error?

A$106,100
B$70,100
C$97,100
D$101,600
  • Xena has the following working capital ratios:
 20X920X8
Current ratio1·2:11·5:1
Receivables days75 days50 days
Payables days30 days45 days
Inventory turnover42 days35 days

Which of the following statements is correct?

  • Xena’s liquidity and working capital has improved in 20X9
  • Xena is receiving cash from customers more quickly in 20X9 than in 20X8
  • Xena is suffering from a worsening liquidity position in 20X9
  • Xena is taking longer to pay suppliers in 20X9 than in 20X8
  • Which of the following are differences between sole traders and limited liability companies?
  • A sole trader’s financial statements are private and never made available to third parties; a company’s financial statements are sent to shareholders and may be publicly filed
  • Only companies have share capital
  • A sole trader is fully and personally liable for any losses that the business might make
  • Drawings would only appear in the financial statements of a sole trader
  • 1 and 4 only
  • 2, 3 and 4
  • 2 and 3 only
  • 1, 3 and 4

2 Which of the following statements is true?

  • The interpretation of an entity’s financial statements using ratios is only useful for potential investors
  • Ratios based on historical data can predict the future performance of an entity
  • The analysis of financial statements using ratios provides useful information when compared with previous performance or industry averages
  • An entity’s management will not assess an entity’s performance using financial ratios

ACCA F3 financial Accounting mock test papers

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