F3 (FA/FFA) – Chapter 21 – PART F – CBE MCQs – ACCA

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:Company financial statements
Chapter Number:21 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

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 21 - Part A - MCQs

Course: ACCA - FIA
Subject:
F3 (FA/FFA) Financial Accounting
Syllabus Area: F - Preparing basic financial statements
Chapter in Kit: 21 - Company financial statements
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 / 10

Which TWO of the following might appear as an item in a company's statement of changes in equity?

2 / 10

Which TWO of the following could appear as separate items in the statement of changes in equity required by IAS 1 Presentation of Financial Statements as part of a company's financial statements?

3 / 10

Fruitz Co has a tax liability relating to 20X1 brought forward in 20X2 of $16,000. This liability is finally agreed at $18,500, which is paid in 20X2.

Fruitz's accountant estimates their tax liability for profits earned in 20X2 will be $20,000.

What will be the charge for taxation in Fruitz's statement of profit or loss for the year ended 31 December 20X2?

$         

4 / 10

Which of the following items may appear as current liabilities in a company's statement of financial position?

  1. Revaluation surplus
  2. Loan due for repayment within one year
  3. Taxation
  4. Preference dividend payable on redeemable preference shares

5 / 10

The correct ledger entries needed to record the issue of 200,000 $1 shares at a premium of 30c, and paid for in full, would be

6 / 10

Which one of the following items does NOT appear under the heading 'equity and reserves' on a company statement of financial position?

7 / 10

At 31 December 20X2 the following matters require inclusion in a company's financial statements:

  1. On 1 January 20X2 the company made a loan of $12,000 to an employee, repayable on 30 April 20X3, charging interest at 2 per cent per year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date.
  2. The company has paid insurance $9,000 in 20X2, covering the year ending 31 August 20X3.
  3. In January 20X3 the company received rent from a tenant $4,000 covering the six months to 31 December 20X2.

For these items, what total figures should be included in the company's statement of financial position at 31 December 20X2?

8 / 10

Which of the following statements about the financial statements of a limited company is TRUE, according to International Financial Reporting Standards.

9 / 10

Which of the following statements about limited liability companies' accounting is/are correct?

  1. A revaluation surplus arises when a non-current asset is sold at a profit.
  2. The authorized share capital of a company is the maximum nominal value of shares and loan notes the company may issue.
  3. IAS 10 Events After the Reporting Period requires all non-adjusting events to be disclosed in the notes to the financial statements.

10 / 10

Which of the following items are required to be disclosed by a limited liability company, either on the face of their main financial statements or in the notes, according to International Financial Reporting Standards?

  1. Share capital
  2. Dividends proposed
  3. Depreciation and amortization

Your score is

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