Free ACCA Mock Test 1 — 20 Questions + Full Answers
Association of Chartered Certified Accountants · Accountancy students · Exams: Mar, Jun, Sep, Dec
Sections: F1 Accounts Preparation · F2 Management Accounting · Applaa proprietary paper — free to download and print
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Applaa ACCA Mock Test 1
applaa-acca-mock-1.pdf · 20 questions
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8 of 20 shownCorrect answers highlighted in green. Full explanations included.
. Revenue Question 2 Klaus has made the following statements regarding suspense accounts: (1) A suspense account identifies all types of error in an accounting system (2) Any suspense account balance must be eliminated before finalising financial statements (3) A suspense account's primary function is to eliminate fraudulent transactions (4) A suspense account with a debit balance represents an asset to the business Which of the above statements made by Klaus is/are TRUE?
- A.1 only
- B.2 only
- C.1, 2 and 3
- D.3 and 4 FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 3 Belle uses a basic computerised accounting system. Only the sales and purchases modules are fully integrated into the system. Where an imbalanced journal entry is made, the accounting system automatically balances this with a corresponding entry to a suspense account. Which of the following is a key feature of Belle's computerised accounting system?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2 FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
. Deposits made by Vivian into the bank are yet to be processed Question 32 Which of the following is CORRECT regarding sales tax registration?
- A.A business registers with the tax authorities in its country to gain financially from any sales tax collected
- B.A business not registered for sales tax is able to collect, but not reclaim, sales tax
- C.Rules always mandate which businesses are required to be sales tax -registered; it is not possible to register voluntarily
- D.A country's laws in relation to sales tax will specify which goods or services are subject to sales tax and the frequency of sales tax returns FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 7 Habiba is a sole trader registered for sales tax. Habiba's business involves purchasing finished goods from local retailers and selling these to her own customers via her website. Habiba has summarised the expenditure relating to inventories for the month ended 31 December 20X1: Expenditure $ Net price of inventories on supplier invoice 1,200 Sales tax on inventories purchased 240 Delivery to Habiba's shop 80 Delivery to Habiba's website customers 20 Total 1,540 What is the cost of inventories at 31 December 20X1?
- A.1 only
- B.2 only
- C.1 and 2
- D.1 and 3 FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 9 Chen provided the following payroll information for the month of June 20X5: Payroll information $ Gross wages and salaries 36,000 Employees' social security contributions 2,400 Employer's social security contributions 2,800 Taxes on employees' personal income 5,600 Taxes and social security contributions are due to be paid to the tax authority in July 20X5. Which of the following is the journal entry to account for Chen's staff costs for the month ended 30 June 20X5?
- A.A credit note received
- B.Remittance advice sent
- C.Delivery note sent
- D.Customer invoice sent FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 13 Erin, a sole trader, is trying to understand the different elements of the financial statements. Which of the following statements defines capital (equity) for Erin?
- A.It depicts the effects of transactions in the periods in which those effects occur, even if the resulting cash receipts and payments occur in a different period
- B.It is an entity -specific aspect of relevance based on the nature or magnitude of transactions
- C.It is the exercise of caution when making judgements under conditions of uncertainty
- D.It is the assumption that the reporting entity will continue in operation for the foreseeable future Question 15 Jordan is trying to calculate the carrying amount of machinery to present on the statement of financial position as at 31 July 20X7. The machinery has a cost of $6,000 and the accumulated depreciation balance at 1 August 20X6 was $3,060. The diminishing -balance method is used to depreciate the asset and the applicable rate is 30%. Calculate the carrying amount of machinery at 31 July 20X7. $ FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 16 Katarina, a sole trader, commenced business on 1 January 20X8 by introducing $20,000 of cash savings and by obtaining a bank loan for a further $30,000 of cash. Which TWO of the following journal entries should be used to recognise these transactions in Katarina's general ledger accounts?
- A.If income and expense general ledger accounts are not reduced to $0, Qasim's statement of profit or loss for the year ended 31 March 20X4 will be incorrect
- B.If asset, liability and capital (equity) balances are not reduced to $0, the statement of financial position as at 1 April 20X3 will be incorrect
- C.A trial balance allows for the efficient preparation of Qasim's financial statements
- D.A trial balance must be presented to the key stakeholders of Qasim's sole trade FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
© ACCA 2027 -2028 All rights reserved. Question 18 Nadja disposed of machinery for cash proceeds of $6,300 during the year ended 31 August 20X8. The machinery was disposed of on 10 August 20X8. The machinery was originally purchased for $10,000 on 20 November 20X4. The depreciation policy is to charge a full year's depreciation in the year of purchase and none in the year of disposal. Machinery is depreciated, using the straight -line method, over ten years. What is the gain or loss on the disposal of machinery?
- A.Dr Cash
- B.Dr Drawings
- C.Cr Drawings
- D.Cr Cash FINAL - March 2026 Accounts Preparation (F1)
✓ Worked Explanation
Official ACCA specimen exam question. Refer to ACCA Study Hub for full answers.
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Which ACCA papers do these mocks cover?+
Applaa ACCA mock tests cover F1 (Accounts Preparation) and F2 (Management Accounting) — the Applied Knowledge level papers, formerly known as BT and MA.
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Yes. Every ACCA practice question on this page includes the correct answer and a worked explanation explaining why each option is right or wrong.
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Each Applaa ACCA mock test contains 20 multiple-choice questions across the F1 and F2 syllabus areas, with full worked explanations.
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Paper Info
- Exam
- ACCA
- Mock number
- 1 of 250
- Questions
- 20
- Format
- Multiple Choice (MCQ)
- Sections
- 2
- Audience
- Accountancy students
- Timing
- Exams: Mar, Jun, Sep, Dec
- Copyright
- Applaa Proprietary
Sections Covered
- F1 Accounts Preparation
- F2 Management Accounting
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