F3 (FA/FFA) – Chapter 17 – 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:Correction of errors
Chapter Number:17 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 17 - Part A - MCQs

Course: ACCA - FIA
F3 (FA/FFA) Financial Accounting
Syllabus Area: E - Preparing a trial balance
Chapter in Kit: 17 - Correction of errors
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit


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1 / 18

The bookkeeper of Peri made the following mistakes:

Sales returns of $384 were credited to the purchases returns account. Purchases returns of $296 were debited to the sales returns account.

Which one of the following journal entries will correct the errors?

2 / 18

The following are balances on the accounts of Luigi, a sole trader, as at the end of the current financial year and after all entries have been processed and the profit for the year has been calculated.

What is the balance on Luigi's capital account?

3 / 18

What is an error of commission?

4 / 18

A purchase return of $48 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the supplier's account.

Which of the following statements about the trial balance would be correct?

5 / 18

An organisation restores its petty cash balance to $250 at the end of each month. During October, the total expenditure column in the petty cash book was calculated as being $210, and the imprest was restored by this amount. The analysis columns posted to the nominal ledger totalled only $200.

Which one of the following would this error cause?

6 / 18

The debit side of a trial balance totals $50 more than the credit side.

Which one of the following could this be due to?

7 / 18

Which one of the following is an error of principle?

8 / 18

The following balances have been extracted from the nominal ledger accounts of Tanya, but the figure for bank loan is There are no other accounts in the main ledger.

What is the credit balance on the bank loan account?

$ Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β Β 

9 / 18

Beta Co has total assets of $650,000 and profit for the year of $150,000 recorded in the financial statements for the year ended 31 December Inventory costing $50,000, with a resale value of $75,000, was received into the warehouse on 2 January 20X4 and included in the inventory value that was recorded in the financial statements at 31 December 20X3.

What would the total assets figure in the statement of financial position, and the adjusted profit for the year figure, be after adjusting for this error?

10 / 18

Where a transaction is entered into the correct ledger accounts, but the wrong amount is used, what is the error known as?

11 / 18

The debit side of a trial balance totals $800 more than the credit side.

Which one of the following errors would fully account for the difference?

12 / 18

A company's statement of profit or loss and other comprehensive income for the year ended 31 December 20X4 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 motor expenses account. It is the company's policy to depreciate motor vans at 25 per cent per year, with a full year's charge in the year of acquisition.

What is the company's net profit after adjusting for this error?

$Β Β Β Β Β Β Β Β Β 

13 / 18

The electricity account for Jingles Co for the year ended 30 June 20X1 was as follows.

Jingles Co expects the next bill due in September to be for the same amount as the bill received in June.

What are the appropriate amounts for electricity to be included in the financial statements of Jingles Co for the year ended 30 June 20X1?


14 / 18

Two types of common errors in bookkeeping are errors of principle and errors of transposition.

Which of the following correctly states whether or not these errors will be revealed by extracting a trial balance?

15 / 18

The accountant at Investotech discovered the following errors after calculating the company's profit for 20X3:

  1. A non-current asset costing $50,000 has been included in the purchases account
  2. Stationery costing $10,000 has been included as closing inventory of raw materials, instead of stationery expenses

What is the effect of these errors on gross profit and net profit?

16 / 18

Net profit was calculated as being $10,200. It was later discovered that capital expenditure of $3,000 had been treated as revenue expenditure, and revenue receipts of $1,400 had been treated as capital receipts.

What is the net profit after correcting this error?

17 / 18

Paula Co is reconciling its receivables control account and has discovered the following items:

  1. An invoice for $110 had been recorded in the receivables ledger as $1,100
  2. A cash sale of $100 to a customer had been posted to the receivables ledger

Where should each of the corrections be recorded?

18 / 18

A company's trial balance failed to agree, the totals being:

DEBITΒ  Β $815,602
CREDITΒ  Β $808,420

Which one of the following errors could fully account for the difference?

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