In this article we will cover FA1 exam questions, Fa1 is the foundation paper in ACCA. This article will help you to do more practice for your FA1 exam. So let’s begin with our first question.
1. What is the primary function of a credit sale invoice that a customer has received from a supplier?
- It is a receipt for money
- It is a demand for immediate payment by the supplier
- Used to record goods purchased by the customer
- It is demand for payment within an agreed 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 customers?
- A demand for payment
- An agreed allowance that can be deducted from the next invoice payment
- A loan available to the customer
- A document issued by a supplier to cancel part or all of previously issued invoices.
3. Which of the following correctly describes the term ‘debit note’?
- supplier to customer to demand payment in full for goods supplied.
- It is issued by a customer to a supplier to request a credit note
- Issued by a customer when goods are delivered
- Customer to the supplier to cancel an invoice received.
4. What is a trade discount?
- A reduction in the amount of an invoice given by the supplier if a customer pays promptly
- A price reduction that supplier applies to a selection of goods on a special offer
- Refund which a supplier agrees with an individual customer after an invoice has been sent at full price.
- 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 explains the sales tax?
- A tax on business profit
- A tax on the sale of goods and services is collected by the government.
- Tax on sales and services which is administered by the government
- A tax on sales and services which all businesses have to pay the must.
What are the 3 types of accounting?
Accounting plays a crucial role in businesses, following are the 3 types of accounting that are used around the globe,
- Financial Accounting
- Management Accounting
- Cost Accounting
What are the types of discounts in the accounting system?
There are two types of discounts in accounting which are the followings.
- Trade discount
- Cash discount
How many papers are there in the ACCA?
There are 13 major papers in ACCA qualifications, but the students who join it from the basic or foundation must have to give 4 other papers which are the foundation papers, those papers followings,
- FA1 Recording Financial Transaction
- FA2 Maintaining Financial Records
- MA1 Management Information
- MA2 Managing Cost And Finance
Why choose an ACCA career?
Choosing a career as an accountant is a great opportunity for making wealth, life, standard, and personality. This is one of the growing qualifications that people are enrolling in nowadays. If you have an ACCA qualification, you can work in any country, this qualification gives you the great opportunity to work in different fields such as auditing, financing, and management.
Can you do ACCA in 2 years?
Doing ACCA in 2 years is possible., all you need is to focus on your study, give time to your practice and use outsourcing as it will help you to know other terms of the business and questions structures.