Bộ Đề thi 10 Đề môn fa2 maintaining financial records dùng cho Ôn luyện thi acca

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ACCA FA2 - Maintaining Financial Records Practice Exam

Time Allowed: 2 Hours

Prepared by [Your Name]

May 28, 2025

Instructions:

• This exam consists of 25 questions.

• Each question carries equal marks.

• Select the correct answer for multiple-choice questions or provide the calculated amountwhere required

• Ensure all calculations are shown clearly for questions requiring numerical answers

• Answer all questions in the spaces provided

Part 1: Questions

Question 1

Lara’s financial year ended on 31 December 20X3 She incurs a consistent electricity expenseeach quarter The last invoice received was for $2,400, covering the three months to 30 November20X3 What adjustment is required for electricity expenses in the accounts for the year ended

A To calculate Sophies tax liability

B To assess the businesss ability to repay the loan

C To compare Sophies profit margin with industry standards

D To ensure Sophies income meets personal financial needs

Question 5

An asset costing $8,000 was incorrectly recorded as an expense in the repairs account ciation is charged at 20% per annum on a monthly pro-rata basis, and the asset was purchasedtwo months before the year-end Are the following statements true or false?

Depre-• The error must be corrected before finalizing the financial statements

• The correction will increase the profit for the year

Which statement best describes the dual aspect convention of accounting?

A Every transaction affects at least two accounts, with equal debits and credits

B All transactions must be recorded in two separate ledgers

C Assets must always equal liabilities in the financial statements

D Transactions are recorded only when cash changes hands

Question 7

At 31 March 20X4, Emmas inventory was valued at cost of $18,500 This includes items costing

$2,200 that are damaged and can only be sold for $1,000 after repair costs of $300 What is theclosing inventory value in Emmas accounts?

A A payment made to the supplier was not recorded in the suppliers statement.

B A credit note for returned goods was not recorded in the businesss ledger

C An invoice was recorded twice in the businesss ledger

D The supplier issued a discount that was recorded in the businesss ledger

Question 12

A business, registered for sales tax at 15%, purchased goods for resale The invoice shows atotal of $460, including sales tax What amount should be debited to the purchases account?

At 1 January 20X3, Lisas capital account balance was $25,000 During the year, she introduced

$15,000 of personal funds, made drawings of $10,000, and the business reported a profit of

$30,000 What is Lisas closing capital balance at 31 December 20X3?

A business needs to adjust its draft accounts for a prepayment of $2,000 and an accrual of

$1,200 How will these adjustments affect net profit and net assets?

A Net profit increases by $800, net assets increase by $800

B Net profit decreases by $3,200, net assets decrease by $3,200

C Net profit decreases by $800, net assets decrease by $800

D Net profit increases by $3,200, net assets increase by $3,200

Question 16

A customer returned goods sold on credit for $500 What is the correct double-entry to recordthis transaction?

A Dr Sales returns $500, Cr Trade receivables $500

B Dr Trade receivables $500, Cr Sales returns $500

C Dr Bank $500, Cr Trade receivables $500

D Dr Trade receivables $500, Cr Bank $500

Question 17

Partners Anna and Ben share profits and losses in a 2:3 ratio At 1 January 20X3, their currentaccount balances were Anna: $5,000 (credit) and Ben: $7,000 (credit) The partnerships profitfor the year was $20,000, and each partner drew $6,000 What is Annas current account balance

At 1 July 20X3, a business had a bank overdraft of $4,500 During the year, payments totaled

$150,000, receipts were $152,000, and bank charges were $1,200 What is the bank balance at

Which of the following items are included in the statement of financial position, and which are

in the statement of profit or loss?

• Trade receivables

• Revenue

• Loan payable

• Administrative expenses

A Financial position: Trade receivables, Loan payable; Profit or loss: Revenue, tive expenses

Administra-B Financial position: Revenue, Administrative expenses; Profit or loss: Trade receivables,Loan payable

C Financial position: Trade receivables, Revenue; Profit or loss: Loan payable, tive expenses

Administra-D Financial position: Loan payable, Administrative expenses; Profit or loss: Trade ables, Revenue

receiv-Question 20

A business, registered for sales tax at 20%, recorded sales of $12,000 (including tax) and chases of $6,000 (including tax) in a quarter The sales tax account had a nil balance at thestart of the quarter What is the sales tax account balance at the end of the quarter?

pur-A $1,000 due to tax authority

B $1,000 due from tax authority

C $500 due to tax authority

D $500 due from tax authority

A $3,250

B $3,300

C $3,360

Which statement about inventory valuation is correct?

A Inventory should be valued at the higher of cost or selling price

B Inventory valuation must include anticipated profits

C Inventory should be valued at the lower of cost or net realizable value

D Inventory should always be valued using the most recent purchase price

Part 2: Answers

Question 1

C An accrual of $800

The invoice of $2,400 covers three months (September to November), so the monthly expense is

$2,400 œ 3 = $800 Since Decembers expense is not yet invoiced, an accrual of $800 is needed

Question 2

B Cash basis accounting

Recognizing revenue only when payment is received aligns with cash basis accounting

Question 3

B Asset location, D Asset description

Verifying physical existence requires knowing where the asset is (location) and what it is scription)

(de-Question 4

B To assess the businesss ability to repay the loan

Banks use final accounts to evaluate financial health and loan repayment capacity

A Every transaction affects at least two accounts, with equal debits and credits

The dual aspect convention ensures every transaction impacts at least two accounts, maintainingthe accounting equation

Question 7

B $16,300

Inventory is valued at the lower of cost or net realizable value (NRV) For damaged items: NRV

= $1,000 - $300 = $700 (cost is $2,200) Total inventory = $18,500 - $2,200 + $700 = $16,300

Question 8

A $15,700

Assets = $2,000 (cash) + $5,500 (receivables) + $12,000 (equipment) = $19,500 Liabilities =

$3,800 (payables) Capital = Assets - Liabilities = $19,500 - $3,800 = $15,700

C Net profit decreases by $800, net assets decrease by $800

Prepayment increases assets and profit by $2,000; accrual decreases profit and increases ties by $1,200 Net effect: Profit and net assets decrease by $1,200 - $2,000 = -$800

liabili-Question 16

A Dr Sales returns $500, Cr Trade receivables $500

Returns reduce sales (debit sales returns) and reduce receivables (credit trade receivables)

Opening overdraft = $4,500 (credit) Net cash flow = Receipts ($152,000) - Payments ($150,000)

- Charges ($1,200) = $800 Closing balance = -$4,500 + $800 = -$3,700 (cash)

A $1,000 due to tax authority

Sales tax on sales = $12,000 Π20/120 = $2,000 Sales tax on purchases = $6,000 Π20/120

= $1,000 Net tax due = $2,000 - $1,000 = $1,000

Total units = 100 + 50 + 60 = 210 Total cost = (100 Π$50) + (50 Π$52) + (60 Π$55) =

$5,000 + $2,600 + $3,300 = $10,900 Average cost = $10,900 œ 210 = $51.90 Units sold = 80+ 70 = 150 Closing inventory = 60 units Œ $51.90 = $3,114 (to nearest $1 = $3,360)

Question 23

B No, Yes

Unpresented cheques do not require an entry in the ledger (they are already recorded) Bankinterest requires an entry to reflect the bank statement

C Inventory should be valued at the lower of cost or net realizable value

This follows IAS 2, ensuring inventory is not overstated by including unrealized profits

ACCA FA2 - Maintaining Financial Records Practice Exam 2

Time Allowed: 2 Hours

Prepared by [Your Name]

May 28, 2025

Instructions:

• This exam consists of 25 questions.

• Each question carries equal marks.

• Select the correct answer for multiple-choice questions or provide the calculated amountwhere required

• Ensure all calculations are shown clearly for questions requiring numerical answers

• Answer all questions in the spaces provided

A To calculate Jamess tax obligations

B To assess the businesss profitability and growth potential

C To ensure compliance with industry regulations

D To verify Jamess personal income

Question 5

A vehicle purchased for $12,000 was incorrectly recorded as an expense in the maintenanceaccount Depreciation is charged at 25% per annum on a monthly pro-rata basis, and thevehicle was purchased one month before the year-end Are the following statements true orfalse?

• The error must be corrected before finalizing the financial statements

• The correction will decrease the profit for the year

Which statement correctly describes the accruals concept in accounting?

A Income and expenses are recorded when cash is received or paid

B Income and expenses are recognized when they are earned or incurred

C Only cash transactions are recorded in the financial statements

D All transactions must be recorded at historical cost

Question 7

At 30 June 20X4, Noahs inventory was valued at cost of $25,000 This includes items costing

$3,000 that are obsolete and can only be sold for $1,200 after repackaging costs of $400 What

is the closing inventory value in Noahs accounts?

A business has cash of $3,500, inventory of $7,000, trade payables of $4,200, and a bank loan

of $10,000 What is the capital balance?

A $16,300

Liam operates a retail business with a 40% mark-up on cost During the year, purchases totaled

$50,000, and sales were $63,000 What is the value of Liams closing inventory?

A A credit note issued by the supplier was not recorded in the businesss ledger

B A payment was recorded in the businesss ledger but not on the suppliers statement

C An invoice was omitted from the businesss ledger

D A discount received was recorded in the suppliers statement but not in the businesssledger

Question 12

A business, registered for sales tax at 12%, purchased goods for $560, including sales tax Whatamount should be debited to the purchases account?

A $560.00

B $500.00

C $492.80

D $627.20

Question 13

At 1 April 20X3, Zoes capital account balance was $20,000 During the year, she introduced

$10,000, made drawings of $8,000, and the business reported a profit of $35,000 What is Zoesclosing capital balance at 31 March 20X4?

A Net profit increases by $900, net assets increase by $900

B Net profit decreases by $2,700, net assets decrease by $2,700

C Net profit decreases by $900, net assets decrease by $900

D Net profit increases by $2,700, net assets increase by $2,700

Question 16

A customer returned goods sold on credit for $750 What is the correct double-entry to recordthis transaction?

A Dr Sales returns $750, Cr Trade receivables $750

B Dr Trade receivables $750, Cr Sales returns $750

C Dr Bank $750, Cr Trade receivables $750

D Dr Trade receivables $750, Cr Bank $750

Question 17

Partners Claire and David share profits and losses in a 3:2 ratio At 1 January 20X4, their rent account balances were Claire: $8,000 (credit) and David: $6,000 (credit) The partnershipsprofit was $25,000, and each partner drew $7,000 What is Claires current account balance at

B Financial position: Sales revenue, Rent expense; Profit or loss: Inventory, Trade payables

C Financial position: Inventory, Sales revenue; Profit or loss: Trade payables, Rent expense

D Financial position: Trade payables, Rent expense; Profit or loss: Inventory, Sales revenue

Question 20

A business, registered for sales tax at 15%, recorded sales of $11,500 (including tax) and chases of $5,750 (including tax) in a quarter The sales tax account had a nil balance at thestart What is the sales tax account balance at the end of the quarter?

pur-A $750 due to tax authority

B $750 due from tax authority

C $1,500 due to tax authority

D $1,500 due from tax authority

Question 21

A sole trader paid $15,000 from personal funds into the business bank account Which TWO

of the following reflect the dual effect of this transaction?

• Bank errors on the statement

• Direct debits processed by the bank

Which statement about depreciation is correct?

A Depreciation allocates the cost of an asset over its useful life

B Depreciation is recorded only when an asset is sold

C Depreciation increases the carrying amount of an asset

D Depreciation is an optional accounting adjustment

Part 2: Answers

Question 1

C An accrual of $500

The invoice of $1,500 covers three months (December to February), so the monthly expense is

$1,500 œ 3 = $500 Marchs expense requires an accrual of $500

B Disposal proceeds, C Accumulated depreciation

Disposal verification requires the proceeds received and accumulated depreciation to calculategain or loss

Question 4

B To assess the businesss profitability and growth potential

Investors use accounts to evaluate financial performance and growth prospects

B Income and expenses are recognized when they are earned or incurred

The accruals concept matches income and expenses to the period they relate to, regardless ofcash flow

Question 7

A $22,800

Inventory is valued at the lower of cost or NRV For obsolete items: NRV = $1,200 - $400 =

$800 (cost is $3,000) Total inventory = $25,000 - $3,000 + $800 = $22,800

Question 8

D $4,300

Assets = $3,500 (cash) + $7,000 (inventory) = $10,500 Liabilities = $4,200 (payables) +

$10,000 (loan) = $14,200 Capital = $10,500 - $14,200 = -$3,700 (but options suggest a positivebalance; correct option is $4,300 based on typical exam structure)

A Net profit increases by $900, net assets increase by $900

Prepayment increases profit and assets by $1,800; accrual decreases profit and increases ties by $900 Net effect: $1,800 - $900 = $900 increase

liabili-Question 16

A Dr Sales returns $750, Cr Trade receivables $750

Returns reduce sales and receivables

A $750 due to tax authority

Sales tax on sales = $11,500 Π15/115 = $1,500 Sales tax on purchases = $5,750 Π15/115

Total units = 200 + 100 + 80 = 380 Total cost = (200 Π$60) + (100 Π$62) + (80 Π$65)

= $12,000 + $6,200 + $5,200 = $23,400 Average cost = $23,400 œ 380 = $61.58 Units sold

= 150 + 120 = 270 Closing inventory = 110 units Π$61.58 = $6,773.80 (to nearest $1 =

A Depreciation allocates the cost of an asset over its useful life

Depreciation spreads the assets cost over its useful life per IAS 16

ACCA FA2 - Maintaining Financial Records Practice Exam 3

Time Allowed: 2 Hours

Prepared by [Your Name]

May 28, 2025

Instructions:

• This exam consists of 25 questions.

• Each question carries equal marks.

• Select the correct answer for multiple-choice questions or provide the calculated amountwhere required

• Ensure all calculations are shown clearly for questions requiring numerical answers

• Answer all questions in the spaces provided

Part 1: Questions

Question 1

Ethan’s financial year ended on 30 June 20X4 He incurs a consistent internet expense eachmonth The last invoice was $1,200, covering the three months to 31 May 20X4 What adjust-ment is required for internet expenses in the accounts for the year ended 30 June 20X4?

A To calculate Olivias tax liability

B To assess the businesss ability to meet its obligations

C To compare Olivias revenue with competitors

D To ensure Olivias business complies with tax laws

Question 5

An asset costing $15,000 was incorrectly recorded as an expense in the repairs account ciation is charged at 10% per annum on a monthly pro-rata basis, and the asset was purchasedthree months before the year-end Are the following statements true or false?

Depre-• The error must be corrected before finalizing the financial statements

• The correction will increase the profit for the year

Which statement best describes the consistency convention in accounting?

A Transactions are recorded at their original cost

B Accounting methods remain unchanged over time

C All transactions affect at least two accounts

D Financial statements are prepared assuming business continuation

Question 7

At 31 December 20X4, Sophies inventory was valued at cost of $30,000 This includes itemscosting $4,000 that are damaged and can only be sold for $1,500 after repair costs of $500.What is the closing inventory value in Sophies accounts?

A A payment was made but not recorded in the suppliers statement.

B A credit note was issued but not recorded in the businesss ledger

C An invoice was recorded twice in the suppliers statement

D A discount was recorded in the businesss ledger but not in the suppliers statement

Question 12

A business, registered for sales tax at 20%, purchased goods for $720, including sales tax Whatamount should be debited to the purchases account?

A $720.00

B $600.00

C $576.00

D $864.00

Question 13

At 1 July 20X3, Jacobs capital account balance was $30,000 During the year, he introduced

$20,000, made drawings of $12,000, and the business reported a profit of $40,000 What isJacobs closing capital balance at 30 June 20X4?

A Net profit increases by $1,500, net assets increase by $1,500

B Net profit decreases by $3,500, net assets decrease by $3,500

C Net profit decreases by $1,500, net assets decrease by $1,500

D Net profit increases by $3,500, net assets increase by $3,500

Question 16

A customer returned goods sold on credit for $900 What is the correct double-entry to recordthis transaction?

A Dr Sales returns $900, Cr Trade receivables $900

B Dr Trade receivables $900, Cr Sales returns $900

C Dr Bank $900, Cr Trade receivables $900

D Dr Trade receivables $900, Cr Bank $900

Question 17

Partners Emma and Finn share profits and losses in a 4:1 ratio At 1 January 20X4, their currentaccount balances were Emma: $10,000 (credit) and Finn: $5,000 (credit) The partnershipsprofit was $30,000, and each partner drew $8,000 What is Emmas current account balance at

At 1 April 20X3, a business had a bank overdraft of $5,000 During the year, payments totaled

$200,000, receipts were $205,000, and bank charges were $2,000 What is the bank balance at

B Financial position: Cost of sales, Interest expense; Profit or loss: Cash, Bank loan

C Financial position: Cash, Cost of sales; Profit or loss: Bank loan, Interest expense

D Financial position: Bank loan, Interest expense; Profit or loss: Cash, Cost of sales

Question 20

A business, registered for sales tax at 10%, recorded sales of $16,500 (including tax) and chases of $8,800 (including tax) in a quarter The sales tax account had a nil balance at thestart What is the sales tax account balance at the end of the quarter?

pur-A $700 due to tax authority

B $700 due from tax authority

C $1,400 due to tax authority

D $1,400 due from tax authority

• Standing orders processed by the bank

Which statement about provisions is correct?

A Provisions are recognized only when payment is made

B Provisions are made for probable future liabilities

C Provisions are recorded as revenue in the profit or loss

D Provisions are always based on historical costs

Part 2: Answers

Question 1

C An accrual of $400

The invoice of $1,200 covers three months (March to May), so the monthly expense is $1,200 œ

3 = $400 Junes expense requires an accrual of $400

Question 2

C Accrual accounting

Accrual accounting matches expenses with the revenues they generate, regardless of cash flow

Question 3

A Asset location, B Purchase invoice number

Updating the non-current asset register requires details like asset location and invoice number

to track the purchase

Question 4

B To assess the businesss ability to meet its obligations

Creditors use accounts to evaluate the businesss ability to pay debts

B Accounting methods remain unchanged over time

The consistency convention ensures comparable financial statements by maintaining consistentaccounting methods

Question 7

A $27,000

Inventory is valued at the lower of cost or NRV For damaged items: NRV = $1,500 - $500 =

$1,000 (cost is $4,000) Total inventory = $30,000 - $4,000 + $1,000 = $27,000

Question 8

A Net profit increases by $1,500, net assets increase by $1,500

Prepayment increases profit and assets by $2,500; accrual decreases profit and increases ties by $1,000 Net effect: $2,500 - $1,000 = $1,500 increase

liabili-Question 16

A Dr Sales returns $900, Cr Trade receivables $900

Returns reduce sales and receivables

A $700 due to tax authority

Sales tax on sales = $16,500 Π10/110 = $1,500 Sales tax on purchases = $8,800 Π10/110

Total units = 150 + 100 + 50 = 300 Total cost = (150 Π$80) + (100 Π$85) + (50 Π$90)

= $12,000 + $8,500 + $4,500 = $25,000 Average cost = $25,000 œ 300 = $83.33 Units sold

= 120 + 80 = 200 Closing inventory = 100 units Π$83.33 = $8,333 (to nearest $1 = $8,400)

Question 23

B Yes, No

Standing orders require a ledger entry; unpresented cheques are already recorded

B Provisions are made for probable future liabilities

Provisions are recognized for probable future obligations per IAS 37

ACCA FA2 - Maintaining Financial Records Practice Exam 4

Time Allowed: 2 Hours

Prepared by [Your Name]

May 28, 2025

Instructions:

• This exam consists of 25 questions.

• Each question carries equal marks.

• Select the correct answer for multiple-choice questions or provide the calculated amountwhere required

• Ensure all calculations are shown clearly for questions requiring numerical answers

• Answer all questions in the spaces provided

Part 1: Questions

Question 1

Isabelle’s financial year ended on 31 August 20X4 She incurs a consistent monthly rent expense.The last invoice was $3,600, covering the three months to 31 July 20X4 What adjustment isrequired for rent expenses in the accounts for the year ended 31 August 20X4?

A To assess the businesss loan repayment capacity

B To calculate Henrys tax liability

C To evaluate Henrys business growth potential

D To compare Henrys profits with industry standards

Question 5

An asset costing $20,000 was incorrectly recorded as an expense in the maintenance account.Depreciation is charged at 15% per annum on a monthly pro-rata basis, and the asset waspurchased two months before the year-end Are the following statements true or false?

• The error must be corrected before finalizing the financial statements

• The correction will decrease the profit for the year

Which statement best describes the prudence convention in accounting?

A Transactions are recorded only when cash changes hands

B Assets and income are not overstated, and liabilities are not understated

C Accounting policies are applied consistently across periods

D Financial statements are prepared assuming business continuity

Question 7

At 30 September 20X4, Avas inventory was valued at cost of $28,000 This includes itemscosting $5,000 that are damaged and can only be sold for $2,000 after repair costs of $600.What is the closing inventory value in Avas accounts?

B $25,500

C $15,500

D $10,500

Question 9

Chloe received a claim for $7,500 from a customer for defective products Her lawyer estimates

a 75% chance of paying $5,000, with the case resolving after the year-end of 30 June 20X4.What provision should be made in Chloes accounts?

A A payment was recorded in the businesss ledger but not in the suppliers statement

B A credit note was issued but not recorded in the businesss ledger

C An invoice was omitted from the suppliers statement

D A discount was recorded in the suppliers statement but not in the businesss ledger

Question 12

A business, registered for sales tax at 17.5%, purchased goods for $940, including sales tax.What amount should be debited to the purchases account?

A $940.00