ACCA Exam Practice

FA1 exam questions (ACCA exams questions for FA1)

In this article we will cover FA1 exam questions, Fa1 is the foundation paper in ACCA. This article will help you to more practice for your FA1 exam.

So let’s begin with our first question.

Questions

  1. What is the primary function of a credit sale invoice which a customer has received from a supplier?
  1. It is receipt for money
  2. It is demand for immediate payment by the supplier
  3. Used to record goods purchased by the customer
  4. It is demand for payment within an agreement time from the supplier.

2. Which of the following correctly describes the function of a credit note issued by a supplier to one of its customer?

  1. A demand for payment
  2. An agreed allowance which can be deducted from the next invoice payment
  3. A loan available to customer
  4. A document issued by a supplier to cancel part or all of previously issued invoice.

3. Which of the following correctly describes the term ‘debit note’?

  1. supplier to customer to demand payment in full for goods supplied.
  2. It is issued by a customer to a supplier to request a credit note
  3. Issued by a customer when goods are delivered
  4. Customer to supplier to cancel an invoice received.

4. What is a trade discount?

  1. A reduction in the amount of an invoice given by the supplier if a customer pays promptly
  2. A price reduction which supplier applies to a selection of goods on special offer
  3. Refund which a supplier agrees with an individual customer after an invoice has been sent at full price.
  4. A reduction in the invoice price by a supplier because of the terms of trade agreed with an individual customer.

5. Which of the following correctly explain the sales tax?

  1. A tax on business profit
  2. A tax on sale of goods and services which is collected by government.
  3. Tax on sales and services which is administered by the government
  4. A tax on sales and services which all business have to pay must.

Answers

  1. (4)
  2. (4)
  3. (2)
  4. (4)
  5. (3)

Hopefully these practice questions will help you to know about the exam questions, FA1 exam questions are similar with these questions which we practice in this article.

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Naveen Rajput

3 Comments

    AWESOME.A good quick brainstorm after a FA class.

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