ACCA TESTS COMPILATION BUNDLE

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...

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 (...

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...

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...

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...

ACCA 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...

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...

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...

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...

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...

>>>>>> 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...

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 ...