Acca fa1 - Study guides, Class notes & Summaries
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ACCA FA1 Exam Questions and Answers All Correct
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ACCA FA1 Exam Questions and Answers All Correct 
What are the two main type of business transactions - Answer-Cash or Credit. 
 
Debit - Answer-Is always on the left-side of the column 
 
Credit - Answer-Is always on the right-side of the column 
 
Debit 
To own/have 
AN ASSET INCREASES 
eg: new office furniture 
CAPITAL/A LIABILITY DECREASES 
eg: pay an account payable 
INCOME DECREASES 
eg: cancel a sale 
AN EXPENCE INCREASES 
eg: incur advertising cost 
 
Left hand side - Answer-CERDIT 
To ...
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ACCA Foundations in Accountancy qualification (ACCA FA1) Questions With Complete Solutions
- Exam (elaborations) • 14 pages • 2023
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What are the two main type of business transactions correct answer: Cash or Credit. 
 
Debit correct answer: Is always on the left-side of the column 
 
Credit correct answer: Is always on the right-side of the column 
 
Debit 
To own/have 
AN ASSET INCREASES 
eg: new office furniture 
CAPITAL/A LIABILITY DECREASES 
eg: pay an account payable 
INCOME DECREASES 
eg: cancel a sale 
AN EXPENCE INCREASES 
eg: incur advertising cost 
 
Left hand side correct answer: CERDIT 
To owe 
AN ASSET DECR...
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ACCA FA1 (In your studies for the ACCA Foundations in Accountancy qualification, and specifically for this paper on transaction accounting, you will be concerned with business transactions. There is no one definition of a business, although we all know mo
- Exam (elaborations) • 8 pages • 2023
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ACCA FA1 (In your studies for the ACCA Foundations in Accountancy qualification, and specifically for this paper on transaction accounting, you will be concerned with business transactions. There is no one definition of a business, although we all know more or less what it is. Broadly speaking it is a commercial organisation, large or small, which exists to make money or profits for its owners. It may make this money by manufacturing and/or selling goods or services)
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ACCA Foundations in Accountancy qualification (ACCA FA1) Questions With Complete Solutions
- Exam (elaborations) • 14 pages • 2023
- Available in package deal
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- $11.49
- + learn more
What are the two main type of business transactions correct answer: Cash or Credit. 
 
Debit correct answer: Is always on the left-side of the column 
 
Credit correct answer: Is always on the right-side of the column 
 
Debit 
To own/have 
AN ASSET INCREASES 
eg: new office furniture 
CAPITAL/A LIABILITY DECREASES 
eg: pay an account payable 
INCOME DECREASES 
eg: cancel a sale 
AN EXPENCE INCREASES 
eg: incur advertising cost 
 
Left hand side correct answer: CERDIT 
To owe 
AN ASSET DECR...
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ACCA FA1 Exam 2023
- Exam (elaborations) • 12 pages • 2023
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ACCA FA1 Exam 2023...
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
- Exam (elaborations) • 3 pages • 2023
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions 
ACCA Definitions FA1 & MA1 Questions With Complete Solutions
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
- Exam (elaborations) • 3 pages • 2023
- Available in package deal
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- $11.49
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
- Exam (elaborations) • 3 pages • 2023
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
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ACCA Definitions FA1 & MA1 Questions With Complete Solutions
- Exam (elaborations) • 5 pages • 2023
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Available in package deal
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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 recorded in the cash account. 
 
Account code correct answer: is a unique group of numbers and/or letters that is used to identify 
an item and classify it into a particular group. 
 
Accounts receiva...
-
ACCA Definitions FA1 & MA1 Questions With Complete Solutions
- Exam (elaborations) • 5 pages • 2023
- Available in package deal
-
- $9.99
- + learn more
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 recorded in the cash account. 
 
Account code correct answer: is a unique group of numbers and/or letters that is used to identify 
an item and classify it into a particular group. 
 
Accounts receiva...
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