ACCA Bundled Exams Questions and Answers - Updated 2024

ACCA AA 2024 Exam Questions and Answers Who are the Stakeholders in an Audit? - ANSWERShareholders Directors Employees HMRC Suppliers The Public What are the conditions for audit exemption? - ANSWER2 or more: Turnover <10.2M Assets <5.1M Employees <50 ©EMILLECT 2024/2025 ACADEM...

ACCA Advanced Audit and Assurance Exam Practice Questions and Answers Define materiality - ANSWERMatters are material if their omission or misstatement could influence the economic decisions of users of the financial statements. What are the materiality benchmarks? - ANSWER- Above 1⁄2- 1% of r...

ACCA BT Chapter 12 Law and Regulation Governing Accounting Exam Study Guide Regulatory bodies - Authorities - ANSWERcompanies and houses in the UK Other Authorities - Authorities - ANSWERfinancial conduct authority, charities, Commission and OFGEM in the UK Tax Authorities - Authorities - ANSWE...

ACCA F3: Priority Exam Practice Questions and Answers Main Accounting equation (PROFIT = ?) - ANSWERPROFIT = INCREASE IN NET ASSETS + DRAWINGS - CAPITAL INTRODUCED Main Accounting equation (increase in net assets = ?) - ANSWERCLOSING NET ASSETS - OPENING NET ASSETS Gross Profit formula - ANSWE...

ACCA F7 Exam Practice Questions and Answers How is revenue treated that is receivable 2 years after the goods are delivered? - ANSWERThe amount of revenue initially recognised is the amount receivable discounted to present value. Interst is then applied to the receivable as interest income over ...

ACCA F7 - 15. Taxation Exam Questions and Answers Definition of current tax? - ANSWERIncome taxes payable/recoverable relating to a periods taxable profit or lossIr. Current tax unpaid for current and prior periods is recognised as what? - ANSWERA liability Current Tax paid in excess of amounts...

ACCA F3 (Chapter 2 Study Guide Solutions financial reporting - ANSWERis a way of recording, analysing and summarising financial data financial data - ANSWERsales of goods, purchases of goods, payment of goods Sole trader - ANSWERbusiness owned and operated by one person, perhaps employing one or ...

ACCA F7 - The Conceptual Framework Exam Practice Questions and Answers Advantages of the conceptual framework? - ANSWER• Standardised consistent accounting practices, • Standards are less subject to political pressure • Consistent methodology used • Avoids reactionary approach to settin...

ACCA FA Practice & Revision Kit Study Questions and Answers 1.1 Who issues International Financial Reporting Standards? A The IFRS Advisory Committee B The stock exchange C The International Accounting Standards Board D The government - ANSWERC The role of the IASB is to develop and publish In...

ACCA FA-Interpretation of financial statements, Ratios Study Guide Solutions Gross Profit Margin - ANSWERGross profit/sales revenue x 100 Operating Profit Margin - ANSWEROperating profit / sales revenue x 100 Current Ratio - ANSWERcurrent assets/current liabilities Quick/Acid Ratio - ANSWER(Cur...

ACCA FBT/BT/FAB/AB/F1 Syllabus Section C Practice Questions and Answers Purpose of accounting information - ANSWERAccounting is a way of recording, analysing and summarising transactions of a business. Accounts are produced to aid management in planning, control and decision-making, and to compl...

ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers What does the financial account include ? ( 5 main documents ) - ANSWER-Statement of cash flows -Statement of changes in equity -Statement of financial position -Notes -Statement of ...

ACCA Financial Reporting 2019 (F7) Exam Study Guide Solutions Income - ANSWERIncome is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contrib...

ACCA Financial Reporting Exam Study Guide IAS 1 Presentation of Financial Statements - ANSWERStates that a complete set of financial statements comprises: - A statement of financial position - A statement of profit or loss and other comprehensive income - A statement of changes in equity - A...