F3 (FA/FFA) – Chapter 11 – PART D – CBE MCQs – ACCA

These are ACCA F3 (FA/FFA) Financial Accounting MCQs for Part-D of the Syllabus “Recording transactions and events”.

These multiple-choice questions (MCQs) are designed to help ACCA F3 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

  • Students should not attempt these MCQs until they have finished the entire chapter.
  • All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F3 (FA/FFA) exam.

INFORMATION ABOUT THESE CBE MCQs Test/Quiz

Course:ACCA – Associations of Chartered Certified Accountants
Fundamental Level:Knowledge, FIA – Foundation in Accounting
Subject:Financial Accounting
Paper:F3 – FA/FFA
Chapter:Receivables and payables
Chapter Number:11 of the Practice and Exam Kit
Syllabus Area:D – “Recording transactions and events”
Questions Type:CBE MCQs
Exam Section:Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part D of the Syllabus; “Recording transactions and events” of ACCA F3 (FA/FFA) Financial Accounting Module.

Time

These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate

Result

Students will get their F3 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those answers which seem correct/ or incorrect to you, as per the requirement of the question. Keep your eye on the wording “( select all those which are correct/ or incorrect)“.
Drop-down: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.

 

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F3 - Chapter 11 - Part A - MCQs

Course: ACCA - FIA
Subject:
F3 (FA/FFA) Financial Accounting
Syllabus Area: D - Recording transactions and events
Chapter in Kit: 11 - Receivables and payables
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

  1. If you are using mobile, turn on the mobile rotation and solve the MCQs on wide screen for better experience.

REQUEST

  1. Please rate the quiz and give us feedback once you completed the quiz.
  2. Share with ACCA students on social media such as, Facebook Groups, Whatsapp, Telegram, etc.

1 / 20

A company has received cash for a debt that was previously written off.

Which of the following is the correct double entry to record the cash received?

2 / 20

At 31 December 20X4 a company's trade receivables totalled $864,000 and the allowance for receivables was $48,000.

It was decided that debts totalling $13,000 were to be written off. The allowance for receivables was to be adjusted to the equivalent of five per cent of the receivables.

What figures should appear in the statement of financial position for trade receivables (after deducting the allowance) and in the statement of profit or loss for receivables expense?

3 / 20

At 1 January 20X1, there was an allowance for receivables of $3,000. During the year, $1,000 of debts were written off as irrecoverable, and $800 of debts previously written off were recovered. At 31 December 20X1, it was decided to adjust the allowance for receivables to 5% of receivables which are $20,000.

What figure should be included in the statement of profit or loss as the receivables expense for the year?

$__________ DEBIT / CREDIT

4 / 20

Top Co has total receivables outstanding of $280,000. The accountant believes that approximately 1% of these balances will not be collected, so wishes to make an allowance of $28,000. No previous allowance has been made for receivables.

Which of the following is the correct double entry to create this allowance?

5 / 20

Which of the following statements is TRUE.

6 / 20

At 1 July 20X3 a limited liability company had an allowance for receivables of $83,000.

During the year ended 30 June 20X4 debts totalling $146,000 were written off. At 30 June 20X4 a receivables allowance of $218,000 was required.

What figure should appear in the company's statement of profit or loss for the year ended 30 June 20X4 for receivables expense?

7 / 20

Which TWO of the following statements are CORRECT?

8 / 20

Which of the following is/are examples of payables of a business?

  1. Interest owed from the bank
  2. Loans and advances to employees
  3. Money owed from customers
  4. Tax owed to the tax authority

9 / 20

Which of the following is/are examples of payables of a business?

  1. An estimation of tax owed to the tax authority for the year just ended
  2. $500 owed to a supplier for invoiced goods
  3. An estimation of probable repair costs under warranty claims

10 / 20

A business commenced trading on 01 January 20X1. The following transactions with Supplier A have been recorded in the purchase ledger.

On 31 March 20X1, the business receives the following statement from the supplier.

Which transactions should be noted as reconciling items on the supplier statement reconciliation at 31 March 20X1?

11 / 20

A company has been notified that a customer has been declared bankrupt. The company had previously made an allowance for this debt.

Which of the following is the correct double entry to account for this new information?

12 / 20

Which one of the following statements is NOT a benefit of offering credit facilities to customers?

13 / 20

What is the correct double entry for discounts received?

14 / 20

At the beginning of the year, the allowance for receivables was $850. At the year-end, the allowance required was $1,000. During the year $500 of debts were written off, which includes $100 previously included in the allowance for receivables.

What is the charge to statement of profit or loss for receivables expense for the year?

15 / 20

At 31 May 20X7 Roberta's trial balance included the following items.

What is the value of Roberta's current liabilities at 31 May 20X7?

16 / 20

An increase in an allowance for receivables of $8,000 has been treated as a reduction in the allowance in the financial statements.

Which of the following explains the resulting effects?

17 / 20

At 31 December 20X2 a company's receivables totalled $400,000 and an allowance for receivables of $50,000 had been brought forward from the year ended 31 December 20X1.

It was decided to write off debts totalling $38,000. The allowance for receivables was to be adjusted to the equivalent of 10% of the receivables.

What charge for receivables expense should appear in the company's statement of profit or loss for the year ended 31 December 20X2?

18 / 20

At 1 July 20X2 the receivables allowance of Q was $18,000.

During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3.

What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3?

19 / 20

Which of the following would a decrease in the allowance for receivables result in?

20 / 20

At 30 September 20X2 a company's allowance for receivables amounted to $38,000, which was equivalent to five per cent of the receivables at that date.

At 30 September 20X3 receivables totalled $868,500. It was decided to write off $28,500 of debts as irrecoverable. The allowance for receivables required was to be the equivalent of five per cent of receivables.

What should be the charge in the statement of profit or loss for the year ended 30 September 20X3 for receivables expense?

$_______

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