These are ACCA F3 (FA/FFA) Financial Accounting MCQs for Part-F of the Syllabus “Preparing basic financial statements”.

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:	Incomplete records
Chapter Number:	20 of the Practice and Exam Kit
Syllabus Area:	F – “Preparing basic financial statements”
Questions Type:	CBE MCQs
Exam Section:	Section A

Syllabus Area

These Multiple Choice Questions (MCQs) cover the Syllabus Area Part F of the Syllabus; “Preparing basic financial statements” 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

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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)“.
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F3 - Chapter 20 - Part A - MCQs

Course: ACCA - FIA
Subject: F3 (FA/FFA) Financial Accounting
Syllabus Area: F - Preparing basic financial statements
Chapter in Kit: 20 - Incomplete records
Exam Section: Section A
Questions type: MCQs
Time: No Time Limit

INSTRUCTIONS

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1 / 16

A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31 October 20X3 a fire destroyed a considerable part of the inventory and all inventory records.

Her trading account for the year ended 31 October 20X3 included the following figures:

Using this information, what inventory loss has occurred?

$61,050

$40,700

$110,850

$87,575

2 / 16

Senji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31 January 20X3 from the following information:

What should be the figure for purchases, in Senji's financial statements for the year ended 31 January 20X3?

3 / 16

The following information is available for the year ended 31 December 20X4 for a trader who does not keep proper accounting records:

Based on this information, what was the trader's sales figure for the year?

$920,000

$819,000

$900,000

$837,200

4 / 16

Wanda keeps no accounting The following information is available about her position and transactions for the year ended 31 December 20X4:

Based on this information, what was Wanda's profit for 20X4?

$338,000

$42,000

$242,000

$138,000

5 / 16

A sole trader's business made a profit of $32,500 during the year ended 31 March 20X8. This figure was after deducting $100 per week wages for In addition, he put his home telephone bill through the business books, amounting to $400 plus sales tax at 17.5%. He is registered for sales tax and therefore has charged only the net amount to his statement of profit or loss and other comprehensive income.

His capital at 1 April 20X7 was $6,500. What was his capital at 31 March 20X8?

$33,800

$38,930

$33,730

$39,000

6 / 16

Which of the following calculations could produce an acceptable figure for a trader's net profit for a period if no accounting records had been kept?

Closing net assets plus drawings plus capital introduced minus opening net assets

Closing net assets minus drawings minus capital introduced minus opening net assets

Closing net assets plus drawings minus capital introduced minus opening net assets

Closing net assets minus drawings plus capital introduced minus opening net assets

7 / 16

A business's bank balance increased by $750,000 during its last financial During the same period it issued shares of $1 million and repaid a loan note of $750,000. It purchased non-current assets for $200,000 and charged depreciation of $100,000. Working capital (other than the bank balance) increased by $575,000.

What was its profit for the year?

$1,175,000

$1,275,000

$1,375,000

$1,325,000

8 / 16

A fire on 30 September 20X2 destroyed some of a company's inventory and its inventory records. The following information is available:

Based on this information, what is the value of inventory lost?

$57,000

$96,000

$26,400

$271,000

9 / 16

Aluki fixes prices to make a standard gross profit percentage on sales of 20%.

The following information for the year ended 31 January 20X3 is available to compute her sales total for the year.

What is the sales figure for the year ended 31 January 20X3?

$741,480

$702,600

$669,375

$772,375

10 / 16

A business has compiled the following information for the year ended 31 October 20X2:

The gross profit as a percentage of sales is always 40%

Based on these figures, what is the sales revenue for the year?

$1,587,500

$952,500

$1,524,000

$1,333,500

11 / 16

A sole trader who does not keep full accounting records wishes to calculate her sales revenue for the year.

The information available is:

Which of the following is the sales figure for the year calculated from these figures?

$117,600

$140,000

$210,000

$108,000

12 / 16

A 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 November 20X3.

Based on the above information, what should be the figure for sales revenue in A's statement of profit or loss for the year ended 30 November 20X3?

13 / 16

A 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 November 20X3.

Based on the above information, what figure should appear in A's statement of profit or loss for the year ended 30 November 20X3 for purchases?

$325,840

$283,760

$331,760

$329,760

14 / 16

On 31 December 20X0 the inventory of V was completely destroyed by The following information is available:

Inventory at 1 December 20X0 at cost $28,400
Purchases for December 20X0 $49,600
Sales for December 20X0 $64,800
Standard gross profit percentage on sales revenue 30%

Based on this information, which of the following is the amount of inventory destroyed?

$40,971

$45,360

$32,640

$19,440

15 / 16

A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue.

His trading account for the month of June 20X3 is as follows:

Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken?

$5,040

$8,400

$22,000

It is not possible to calculate a figure from this information

16 / 16

Alpha is a sole trader who does not keep proper accounting

Alpha's first year of trading was 20X4. From reviewing Alpha's bank statements and the incomplete records relating to cash maintained, the following summary has been compiled.

Which of the following correctly represents Alpha's sales figure for 20X4?

$494,100

$112,900

$381,600

$508,500

Your score is

F3 (FA/FFA) – Chapter 20 – PART F – CBE MCQs – ACCA