FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE

ACCA F3 financial Accounting specimen exams

ACCA F3 financial Accounting specimen exams

ACCA F3 financial Accounting specimen exams: 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.

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. 1 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 2 Which of the following explains the imprest system of operating petty cash? A Weekly expenditure cannot exceed a set amount B The exact amount of expenditure is reimbursed at intervals to maintain a fixed float C All expenditure out of the petty cash must be properly authorised D Regular equal amounts of cash are transferred into petty cash at intervals 3

ACCA F3 financial Accounting specimen exams

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

(1) The company’s exposure to debts and liability is limited

(2) Financial statements must be produced

(3) A company continues to exist regardless of the identity of its owners

(A)1 and 2 only

(B) 1 and 3 only

(C) 2 and 3 only

(D) 1, 2 and 3

2 Which of the following explains the imprest system of operating petty cash?

A Weekly expenditure cannot exceed a set amount

B The exact amount of expenditure is reimbursed at intervals to maintain a fixed float

C All expenditure out of the petty cash must be properly authorised

D Regular equal amounts of cash are transferred into petty cash at intervals

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

(1) The company’s exposure to debts and liability is limited

(2) Financial statements must be produced

(3) A company continues to exist regardless of the identity of its owners

A 1 and 2 only

B 1 and 3 only

C 2 and 3 only

D 1, 2 and 3

4. Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 June 20X6: $ Trade receivables,

1 July 20X5 130,000 Trade payables,

1 July 20X5 60,000 Cash received from customers 686,400 Cash paid to suppliers 302,800 Discounts allowed

1,400 Discounts received 2,960 Contra between payables and receivables ledgers 2,000

Trade receivables, 30 June 20X6 181,000 Trade payables, 30 June 20X6 84,000 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

5. 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?

(1) A transposition error was made when entering a sales invoice into the sales day book

(2) A cheque received from a customer was credited to cash and correctly recognised in receivables

(3) A purchase of non-current assets was omitted from the accounting records

(4) Rent received was included in the trial balance as a debit balance

A 1 and 2

B 1 and 3

C 2 and 3

D 2 and 4

6 At 31 December 20X5 the following require inclusion in a company’s financial statements:

(1) 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 year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date.

(2) The company paid an annual insurance premium of $9,000 in 20X5, covering the year ending 31 August 20X6.

(3) 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? A Current assets $10,000 Current liabilities $12,240 B Current assets $22,240 Current liabilities $nil

ACCA F3 financial Accounting specimen exams

Current assets $10,240 Current liabilities $nil D Current assets $16,240 Current liabilities $6,000 7 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 account. 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 8 Xena has the following working capital ratios: 20X9 20X8 Current ratio 1·2:1 1·5:1 Receivables days 75 days 50 days Payables days 30 days 45 days Inventory turnover 42 days 35 day s

Which of the following statements is correct? A Xena’s liquidity and working capital has improved in 20X9 B Xena is receiving cash from customers more quickly in 20X9 than in 20X8 C Xena is suffering from a worsening liquidity position in 20X9 D Xena is taking longer to pay suppliers in 20X9 than in 20X8

Above you can see the demo question for the examination.

ACCA F3 financial Accounting specimen exams

For more information on ACCA please follow this Visit cakart.in

For other exam related information visit www.cakart.inrt

Leave a comment

Your email address will not be published. Required fields are marked *

//