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ACCA TESTS COMPILATION BUNDLE
ACCA TESTS COMPILATION BUNDLE
[Meer zien]ACCA TESTS COMPILATION BUNDLE
[Meer zien]Sole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. 
 
Partnership correct answer: this is similar to a sole trader in that the...
Voorbeeld 3 van de 21 pagina's
In winkelwagenSole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. 
 
Partnership correct answer: this is similar to a sole trader in that the...
CHAPTER 4 - PROFESSIONAL ETHICS AND QUALITY CONTROL PROCEDURES correct answer: ° Professional ethics and ACCA code of ethics and conducts 
° obtaining, accepting and continuing audit engagements 
 
Ethics correct answer: Ethics can be described as moral principles that govern a persons or groups...
Voorbeeld 2 van de 5 pagina's
In winkelwagenCHAPTER 4 - PROFESSIONAL ETHICS AND QUALITY CONTROL PROCEDURES correct answer: ° Professional ethics and ACCA code of ethics and conducts 
° obtaining, accepting and continuing audit engagements 
 
Ethics correct answer: Ethics can be described as moral principles that govern a persons or groups...
Fisher v Bell correct answer: Literal rule 
Display of goods as invitation to treat (flick-knives) 
 
Adler v George correct answer: Golden Rule 
"In the vicinity of" an air force base 
 
Gorris v Scott correct answer: Mischief rule 
Harm must be of the type the statute was enacted to prevent (...
Voorbeeld 1 van de 3 pagina's
In winkelwagenFisher v Bell correct answer: Literal rule 
Display of goods as invitation to treat (flick-knives) 
 
Adler v George correct answer: Golden Rule 
"In the vicinity of" an air force base 
 
Gorris v Scott correct answer: Mischief rule 
Harm must be of the type the statute was enacted to prevent (...
Main Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED 
 
Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS 
 
Net Assets correct answer: Net assets = Total assets - Total liabilities 
 
Gros...
Voorbeeld 3 van de 24 pagina's
In winkelwagenMain Accounting equation correct answer: PROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED 
 
Main Accounting equation - increase in net assets correct answer: CLOSING NET ASSETS - OPENING NET ASSETS 
 
Net Assets correct answer: Net assets = Total assets - Total liabilities 
 
Gros...
Dividends correct answer: Are appropriations of profit after tax 
 
Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year 
-in mid year, after the half-year financial results are known, the company might pay an interim dividend 
-at th...
Voorbeeld 2 van de 10 pagina's
In winkelwagenDividends correct answer: Are appropriations of profit after tax 
 
Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year 
-in mid year, after the half-year financial results are known, the company might pay an interim dividend 
-at th...
1. An Organization is a social arrangement which pursues collective goals, which controls its own performance. 
A. True 
B. False. correct answer: A 
 
2. Organization is not preoccupied with performance. 
A. True 
B. False correct answer: B 
 
Organization is preoccupied with performance 
 
3. Or...
Voorbeeld 4 van de 281 pagina's
In winkelwagen1. An Organization is a social arrangement which pursues collective goals, which controls its own performance. 
A. True 
B. False. correct answer: A 
 
2. Organization is not preoccupied with performance. 
A. True 
B. False correct answer: B 
 
Organization is preoccupied with performance 
 
3. Or...
Voorbeeld 1 van de 2 pagina's
In winkelwagenACCA F1 Questions With Complete Solutions.
Absorption costing correct answer: focuses on the total cost of producing one unit of output, 
includes fixed production overheads in valuation cost of production. 
 
Account correct answer: is a location where all items relating to one particular group 
are recorded. For example, cash items are r...
Voorbeeld 2 van de 5 pagina's
In winkelwagenAbsorption costing correct answer: focuses on the total cost of producing one unit of output, 
includes fixed production overheads in valuation cost of production. 
 
Account correct answer: is a location where all items relating to one particular group 
are recorded. For example, cash items are r...
Account correct answer: A location where all items relating to one particular group are recorded. For example cash items are recorded in the cash account. 
 
Account code correct answer: A unique group of numbers and/or letters that is used to identify an item and classify it into a particular gro...
Voorbeeld 2 van de 12 pagina's
In winkelwagenAccount correct answer: A location where all items relating to one particular group are recorded. For example cash items are recorded in the cash account. 
 
Account code correct answer: A unique group of numbers and/or letters that is used to identify an item and classify it into a particular gro...
Residency & Tax correct answer: Resident = UK + Worldwise 
Non Resident = UK Income 
 
Define Residency correct answer: Auto No 
Auto Yes 
 
Auto No correct answer: In UK 
"Short Stay" 
<16 days + Previous Resident 
<46 days + Never resident 
 
<91 days + Employed Abroad 
 
Auto Yes c...
Voorbeeld 2 van de 14 pagina's
In winkelwagenResidency & Tax correct answer: Resident = UK + Worldwise 
Non Resident = UK Income 
 
Define Residency correct answer: Auto No 
Auto Yes 
 
Auto No correct answer: In UK 
"Short Stay" 
<16 days + Previous Resident 
<46 days + Never resident 
 
<91 days + Employed Abroad 
 
Auto Yes c...
Objective of an external audit correct answer: The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. An audit of financ...
Voorbeeld 4 van de 49 pagina's
In winkelwagenObjective of an external audit correct answer: The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. An audit of financ...
What structure for Ethical considerations? correct answer: Tucker's 5 Questions 
 
What structure for deciding strategy on public sector projects correct answer: Public Sector Portfolio Matrix 
 
ACCA - 5 Skills? correct answer: Commercial Acumen 
-Judgement 
- Awareness 
 
Analysis 
-Investigat...
Voorbeeld 4 van de 123 pagina's
In winkelwagenWhat structure for Ethical considerations? correct answer: Tucker's 5 Questions 
 
What structure for deciding strategy on public sector projects correct answer: Public Sector Portfolio Matrix 
 
ACCA - 5 Skills? correct answer: Commercial Acumen 
-Judgement 
- Awareness 
 
Analysis 
-Investigat...
>>>>>> FRAMEWORKS 
What if not followed IAS or IFRS? correct answer: Not True and Fair 
= UNETHICAL 
 
Why PRINCIPLES not RULES? correct answer: Principles harder to circumvent 
 
Why have a FRAMEWORK? correct answer: Provides guidances for standards setters 
Gives guidance whe...
Voorbeeld 4 van de 57 pagina's
In winkelwagen>>>>>> FRAMEWORKS 
What if not followed IAS or IFRS? correct answer: Not True and Fair 
= UNETHICAL 
 
Why PRINCIPLES not RULES? correct answer: Principles harder to circumvent 
 
Why have a FRAMEWORK? correct answer: Provides guidances for standards setters 
Gives guidance whe...
What are the 3+1 stages of absorption costing? correct answer: 1. Allocation 
2. Apportionment 
3. Absorption = Production Cost 
4. Under/over = Non prod OH 
 
Why would you use Absorption Costing? correct answer: Valuing Inventory 
Pricing Decisions 
Establishing profitability 
 
What are pros an...
Voorbeeld 4 van de 55 pagina's
In winkelwagenWhat are the 3+1 stages of absorption costing? correct answer: 1. Allocation 
2. Apportionment 
3. Absorption = Production Cost 
4. Under/over = Non prod OH 
 
Why would you use Absorption Costing? correct answer: Valuing Inventory 
Pricing Decisions 
Establishing profitability 
 
What are pros an...
Objectives of Internal Control correct answer: RORCS 
Risk management: Manage and control risk appropriately rather than eliminate it. 
Operations: Effectiveness and efficiency of operations. 
Reporting: ensure the reliability of internal and external reporting. 
Compliance: Assist compliance with ...
Voorbeeld 1 van de 3 pagina's
In winkelwagenObjectives of Internal Control correct answer: RORCS 
Risk management: Manage and control risk appropriately rather than eliminate it. 
Operations: Effectiveness and efficiency of operations. 
Reporting: ensure the reliability of internal and external reporting. 
Compliance: Assist compliance with ...
ACCA MA - Accounting for Management Questions With Complete Solutions
Voorbeeld 1 van de 2 pagina's
In winkelwagenACCA MA - Accounting for Management Questions With Complete Solutions
What are the two main type of business transactions correct answer: Cash or Credit. 
 
Debit correct answer: Is always on the left-side of the column 
 
Credit correct answer: Is always on the right-side of the column 
 
Debit 
To own/have 
AN ASSET INCREASES 
eg: new office furniture 
CAPITAL/A ...
Voorbeeld 2 van de 14 pagina's
In winkelwagenWhat are the two main type of business transactions correct answer: Cash or Credit. 
 
Debit correct answer: Is always on the left-side of the column 
 
Credit correct answer: Is always on the right-side of the column 
 
Debit 
To own/have 
AN ASSET INCREASES 
eg: new office furniture 
CAPITAL/A ...
IAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: 
 
- A statement of financial position 
- A statement of profit or loss 
and other comprehensive income 
- A statement of changes in equity 
- A statement of cash flows 
- Accoun...
Voorbeeld 4 van de 40 pagina's
In winkelwagenIAS 1 Presentation of Financial Statements correct answer: States that a complete set of financial statements comprises: 
 
- A statement of financial position 
- A statement of profit or loss 
and other comprehensive income 
- A statement of changes in equity 
- A statement of cash flows 
- Accoun...
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