These are ACCA F3 (FA/FFA) Financial Accounting MCQs for Part-E of the Syllabus “Preparing a trial balance”.

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:	Trial balance
Chapter Number:	14 of the Practice and Exam Kit
Syllabus Area:	E – “Preparing a trial balance”
Questions Type:	CBE MCQs
Exam Section:	Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part E of the Syllabus; “Preparing a trial balance” 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.

Keywords

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F3 - Chapter 14 - Part E - MCQs

Course: ACCA - FIA
Subject: F3 (FA/FFA) Financial Accounting
Syllabus Area: D - Recording transactions and events
Chapter in Kit: 14 - Trial balance
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

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REQUEST

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1 / 21

Is the 'Sales' account typically a debit balance or a credit balance?

Credit

Debit

2 / 21

Is the 'Purchases' account typically a debit balance or a credit balance?

Debit

Credit

3 / 21

Is the 'Carriage' account typically a debit balance or a credit balance?

Debit

Credit

4 / 21

Is the 'Drawings' account typically a debit balance or a credit balance?

Credit

Debit

5 / 21

Is the 'Rent and insurance' account typically a debit balance or a credit balance?

Credit

Debit

6 / 21

Is the 'Postage and stationery' account typically a debit balance or a credit balance?

Credit

Debit

7 / 21

Is the 'Advertising' account typically a debit balance or a credit balance?

Credit

Debit

8 / 21

Is the 'Salaries and wages' account typically a debit balance or a credit balance?

Debit

Credit

9 / 21

Is the 'Irrecoverable debts' account typically a debit balance or a credit balance?

Debit

Credit

10 / 21

Is the 'Allowance for receivables' account typically a debit balance or a credit balance?

Debit

Credit

11 / 21

Is the 'Receivables' account typically a debit balance or a credit balance?

Debit

Credit

12 / 21

Is the 'Payables' account typically a debit balance or a credit balance?

Credit

Debit

13 / 21

Is the 'Cash on hand' account typically a debit balance or a credit balance?

Debit

Credit

14 / 21

Is the 'Cash at bank' account typically a debit balance or a credit balance?

Debit

Credit

15 / 21

Is the 'Inventory' account typically a debit balance or a credit balance?

Debit

Credit

16 / 21

Is the 'Building' account typically a debit balance or a credit balance?

Debit

Credit

17 / 21

Is the 'Accumulated Depreciation' account typically a debit balance or a credit balance?

Credit

Debit

18 / 21

Is the 'Capital' account typically a debit balance or a credit balance?

Debit

Credit

19 / 21

The following balances have been extracted from the ledger of Mr Yousef, a sole trader at 31 May 20X6.

	$‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎
Sales	138,078
Purchases	82,350
Carriage	5,144
Drawings	7,800
Rent and insurance	6,622
Postage and stationery	3,001
Advertising	1,330
Salaries and wages	26,420
Irrecoverable debts	877
Allowance for receivables	130
Receivables	12,120
Payables	6,471
Cash on hand	177
Cash at bank	1,002
Inventory as at 1 June 20X5	11,927
Equipment at cost	58,000
Accumulated depreciation	19,000
Capital at 1 June 20X5	53,091

The following additional information as at 31 May 20X6 is available.

Rent is accrued by $210.
Insurance has been prepaid by $880.
$2,211 of carriage represents carriage inwards on purchases.
Equipment is to be depreciated at 15% per annum using the straight-line method.
The allowance for receivables is to be increased by $40.
Inventory at the close of business has been valued at $13,551.

REQUIREMENT

Calculate cost of sales at 31 May 20X6 $_____

20 / 21

The following balances have been extracted from the ledger of Mr Yousef, a sole trader at 31 May 20X6.

	$‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎
Sales	138,078
Purchases	82,350
Carriage	5,144
Drawings	7,800
Rent and insurance	6,622
Postage and stationery	3,001
Advertising	1,330
Salaries and wages	26,420
Irrecoverable debts	877
Allowance for receivables	130
Receivables	12,120
Payables	6,471
Cash on hand	177
Cash at bank	1,002
Inventory as at 1 June 20X5	11,927
Equipment at cost	58,000
Accumulated depreciation	19,000
Capital at 1 June 20X5	53,091

The following additional information as at 31 May 20X6 is available.

Rent is accrued by $210.
Insurance has been prepaid by $880.
$2,211 of carriage represents carriage inwards on purchases.
Equipment is to be depreciated at 15% per annum using the straight-line method.
The allowance for receivables is to be increased by $40.
Inventory at the close of business has been valued at $13,551.

REQUIREMENT

If profit for the year ended 31 May 20X6 is $5,888, what will be the capital balance at 31 May 20X6?
$ _____

21 / 21

The following balances have been extracted from the ledger of Mr Yousef, a sole trader at 31 May 20X6.

	$‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎
Sales	138,078
Purchases	82,350
Carriage	5,144
Drawings	7,800
Rent and insurance	6,622
Postage and stationery	3,001
Advertising	1,330
Salaries and wages	26,420
Irrecoverable debts	877
Allowance for receivables	130
Receivables	12,120
Payables	6,471
Cash on hand	177
Cash at bank	1,002
Inventory as at 1 June 20X5	11,927
Equipment at cost	58,000
Accumulated depreciation	19,000
Capital at 1 June 20X5	53,091

The following additional information as at 31 May 20X6 is available.

Rent is accrued by $210.
Insurance has been prepaid by $880.
$2,211 of carriage represents carriage inwards on purchases.
Equipment is to be depreciated at 15% per annum using the straight-line method.
The allowance for receivables is to be increased by $40.
Inventory at the close of business has been valued at $13,551.

REQUIREMENT

What will be the carrying amount of equipment at 31 May 20X6?
$ _____

Your score is

	$
Opening inventory	11,927
Purchases	82,350
Carriage inwards	2,211
Closing inventory	(13,551)
	82,937

	$‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎
Capital at 1 June 20X5	53,091‏‏‎ ‎
Profit for the year	5,888‏‏‎ ‎
Drawings	(7,800)‏‏‎ ‎
	‏‏‎ ‎51,179‏‏‎ ‎

	$‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎‏‏‎ ‏‏‎ ‎‎‏‏‎ ‎
Equipment at cost	58,000‏‏‎‏‏‎ ‎ ‎
Accumulated depreciation at 1 June 20X5	(19,000)‏‏‎ ‎
Depreciation for the year (58,000 × 15%)	(8,700)‏‏‎ ‎
	‏‏‏‏‎ ‎‎ ‎30,300‏‏‎ ‏‏‎ ‎‎

F3 (FA/FFA) – Chapter 14 – PART E – CBE MCQs – ACCA