F3 (FA/FFA) – Chapter 15 – PART E – CBE MCQs – ACCA

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.


Course:ACCA – Associations of Chartered Certified Accountants
Fundamental Level:Knowledge, FIA – Foundation in Accounting
Subject:Financial Accounting
Paper:F3 – FA/FFA
Chapter:Control accounts
Chapter Number:15 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.


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


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 15 - Part A - MCQs

Course: ACCA - FIA
F3 (FA/FFA) Financial Accounting
Syllabus Area: E - Preparing a trial balance
Chapter in Kit: 15 - Control accounts
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit


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1 / 20

The payables ledger control account below contains a number of errors:

All items relate to credit purchases.

What should the closing balance be when all the errors are corrected?

2 / 20

An inexperienced bookkeeper has drawn up the following receivables ledger control account:

What should the closing balance be after correcting the errors made in preparing the account?

3 / 20

A supplier sends you a statement showing a balance outstanding of $14,350. Your own records show a balance outstanding of $14,500.

Which one of the following could be the reason for this difference?

4 / 20

The accountant at Borris Co has prepared the following reconciliation between the balance on the trade payables ledger control account in the general ledger and the list of balances from the suppliers ledger:

What balance should be reported on Borris Co's statement of financial position for trade payables?

5 / 20

The following control account has been prepared by a trainee accountant:

Once all the errors made in preparing the receivables ledger control account have been corrected, what should the closing balance be?


6 / 20

You are an accounts assistant at Cuppa Supplies, a company that sells cups and mugs. The following is an extract from a sales invoice raised by the bookkeeper in your company to a customer, Oasis Café.

Senior management at your company do not expect Oasis Café to take advantage of the discount. However, you receive a payment from Oasis Café on 3 November 20X6.

Which one of the following gives the entries required to record BOTH of these transactions?

7 / 20

Which of the following items could appear on the credit side of a receivables ledger control account?

  1. Cash received from customers
  2. Irrecoverable debts written off
  3. Increase in allowance for receivables
  4. Sales
  5. Credits for goods returned by customers
  6. Cash refunds to customers

8 / 20

At 1 April 20X9, the payables ledger control account showed a balance of $142,320.

At the end of April the following totals are extracted from the subsidiary books for April:

It is also discovered that;

  • The purchase day book figure is net of sales tax at 5%; the other figures all include sales tax.
  • A customer's balance of $2,420 has been offset against his balance of $3,650 in the payables ledger.
  • A supplier's account in the payables ledger, with a debit balance of $800, has been included on the list of payables as a credit balances.

What is the corrected balance on the payables ledger control account?

9 / 20

How should the balance on the payables ledger control account be reported in the final financial statements?

10 / 20

Your organisation sold goods to PQ Co for $800 less trade discount of 20% and settlement discount of 5% for payment within 14 days. At the time of the sale, you expect PQ to take up the settlement The invoice was settled by cheque five days later.

Which one of the following gives the entries required to record BOTH of these transactions?

11 / 20

The following receivables ledger control account has been prepared by a trainee accountant:

What should the closing balance at 31 January 20X5 be after correcting the errors in the account?

12 / 20

Which one of the following is NOT a purpose of a receivables ledger control account?

13 / 20

You are given the following information:

What is the figure for sales on credit during 20X3?


14 / 20

A receivables ledger control account had a closing balance of $8,500. It contained a contra to the payables ledger of $400, but this had been entered on the wrong side of the control account.

What should be the correct balance on the control account?

15 / 20

Your payables control account has a balance at 1 October 20X8 of $34,500 credit. During October, credit purchases were $78,400, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases, and after deducting settlement discounts of $1,200, were $68,900. Purchase returns were $4,700.

What was the closing balance?

16 / 20

The balance on Jude Co's payables ledger control account is $31,554. The accountant at Jude Co has discovered that she has not recorded:

A settlement discount of $53 received from a supplier; and A supplier's invoice for $622.

What amount should be reported for payables on Jude Co's statement of financial position?

17 / 20

Which of the following lists is composed only of items which would appear on the credit side of the receivables control account?

18 / 20

Y Ltd keeps a receivables ledger control account as part of its accounting The following transactions take place in March:

  1. Invoices totalling $5,000 are raised to Customer X in These invoices offer the customer a 5% discount if they pay within 14 days. Of these invoices, Y Ltd expects invoices amounting to $2,000 to be paid with the discount taken.
  2. Customer Z pays cash of $2,850 for invoices with face values of $3,000. They took advantage of discounts totalling $150 for early payment, however Y Ltd had not expected Customer Z to take up the discounts.

Which of the following entries correctly record these transactions?

19 / 20

D Co's year-end balance on the receivables control account does not agree to the total of the list of receivables ledger balances of $560,000. The following errors have been identified:

  1. An irrecoverable receivable balance of $30,000 has been correctly written off in the receivables control account but no adjustment has been made in the relevant customer's account in the receivables ledger.
  2. Early settlement discounts of $12,500, which were not expected to be taken at the time the invoice was raised, have been omitted from both the receivables control account and the receivables ledger balances.

What was the balance on the receivables control account AFTER the errors were corrected?

20 / 20

The following receivables ledger control account prepared by a trainee accountant contains a number of errors:

What should the closing balance on the control account be after the errors in it have been corrected?

Your score is

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