As our reader knows that we are posting a series of articles for ACCA exam practices, so here is another article for our reader in which they will solve some ACCA FA1 exam questions.
So let’s start with first question.
ACCA FA1 exam questions
- A business has bank over draft of $350 and $50 cash in hand at the end of the accounting period.
What is the balance for the next accounting period?
- bank debit and cash credit
- bank credit and cash debit
- cash debit and bank debit
- cash credit and bank credit.
2. A sole trader has opening capital of $20000 and closing capital of $23000. during a period the owner introduced capital of $4000 and withdrew $15000 for his own use.
What was the sole trader’s profit or less during the accounting period?
- $8000 profit
- $14000 profit
- $15000 profit
- $22000 profit.
3. What does a credit entry usually represent?
- Asset and income
- Liabilities and income
- Asset and expense
- Liabilities and expense.
4. What is the double entry to record the purchase of plant and machinery for cash?
- Debit plant repairs and credit cash
- Plant an machinery debit and cash credit
- Debit plant repairs and credit A/P
- Plant and machinery debit and A/P credit.
5. What is the double entry to record the introduction of capital into a business bank account by the owner?
- Drawings debit and cash credit
- Cash debit and drawings credit
- Cash debit and capital credit
- Capital debit and cash credit.
6. A business buys goods on credit from a supplier and will pay one month later. When the payment is made, what is the double entry required to record this?
- Cash account debit and A/R credit
- Cash account debit and A/P credit
- A/R debit and cash account credit
- A/P debit and cash account credit.
7. Which of the following is a liability?
- Capital introduced
- Bank overdraft
- Bank credit and cash debit, So the correct option is (2)
- Credit usually represent liability and income, so the answer is (2)
- (3) (1 is our capital 2 is an asset and 4 is drawings and it is the part of capital).
Hopefully this will be helpful for you and you get some new ideas for FA1 exam through this article, for more practice read link is given below,
For accouting beginners,
Written by Naveen Rajput