ACCA F3 2023 Exam Questions with All Correct Answers
29 views 0 purchase
Course
ACCA F3
Institution
ACCA F3
ACCA F3 2023 Exam Questions with All Correct Answers
1 Which of the following statements is true?
A The directors of a company are liable for any losses of the company
B A sole trader business is owned by shareholders and operated by the proprietor
C Partners are liable for losses in a partn...
ACCA F3 2023 Exam Questions with All Correct Answers 1 Which of the following statements is true? A The directors of a company are liable for any losses of the company B A sole trader business is owned by shareholders and operated by the proprietor C Partners are liable for losses in a partnership in proportion to their profit share ratio D A company is run by directors on behalf of its members - Answer -D A company is run by directors on behalf of its members 2 Which of the following best describes management accounts? A Management accounts are mandatory accounts which reflect the past performance of a business and are prepared in accordance with strict accounting requirements B Management accounts are normally prepared monthly on a rolling basis and include details of past performance as well as budgets and forecasts C Management accounts are required by law and include sufficient detail for managers control the business and prepare for the future D Management accounts include information computed to be relevant to managers and are generally prepared annually - Answer -B Management accounts are normally prepared monthly on a rolling basis and include details of past performance as well as budgets and forecasts 3 Which of the following best explains why employees are interested in the financial statements of their employer? A To compare the business with its competitors in order to decide whether to seek employment with one of those competitors B To assess the effect of the business on the local economy, community and environment C To assess whether the business will continue into the foreseeable future D To assess the profitability of the business in order to decide whether to invest in it - Answer -C To assess whether the business will continue into the foreseeable future 4 Which of the following user groups require the most detailed financial information? A The management B Investors and potential investors C Government agencies - Answer -A The management 5 Which of the following statements are true? 1 Accounting can be described as the recording and summarising of transactions. 2 Financial accounting describes the production of a statement of financial position and income statement for internal use. A 1 only B 2 only - Answer -A 1 only 6 The main aim of financial accounting is to: A record all transactions in the books of account B provide management with detailed analyses of costs C present the financial results to the organisation by means of recognised statements D calculate profit - Answer -C present the financial results to the organisation by means of recognised statements 7 Which one of the following sentences does NOT explain the distinction between financial accounts and management accounts? A Financial accounts are primarily for external users and management accounts are primarily for internal users B Financial accounts are normally produced annually and management accounts are normally produced monthly C Financial accounts are more accurate than management accounts D Financial accounts are audited by an external auditor and management accounts do not normally have an external audit - Answer -C Financial accounts are more accurate than management accounts 242 The Standards Advisory Council are responsible for: (1) issuing guidance in relation to emerging issues. (2) advising the IASB on major standard -setting projects. A 1 and 2 B 1 only C 2 only D Neither 1 nor two - Answer -C 2 only 243 Which of the following assumptions underlie the Framework for the presentation and preparation of financial statements?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.