Free ACCA Mock Test 34 — 20 Questions + Full Answers
Association of Chartered Certified Accountants · Accountancy students · Exams: Mar, Jun, Sep, Dec
Sections: Financial Accounting · Applaa proprietary paper — free to download and print
No sign-up required · 100% free · Applaa proprietary content
Applaa ACCA Mock Test 34
applaa-acca-mock-34.pdf · 20 questions
Applaa proprietary content · Free to download and print · No sign-up required
Save PDFSample Questions — ACCA Mock 34
8 of 20 shownCorrect answers highlighted in green. Full explanations included.
The Receivables Ledger Control Account of Crown Paper Ltd is shown in the diagram. Credit sales of £8,400 were recorded, and cash of £6,720 was received from credit customers. What is the correct closing balance (balance c/f) of the account?
- A.£5,880 Debit closing balance
- B.£5,880 Credit closing balance
- C.£12,600 Debit closing balance
- D.£6,720 Credit closing balance
✓ Worked Explanation
Core Concept: Receivables Ledger Control Account The Receivables Ledger Control Account is an asset account that tracks money owed to the business by credit customers. As an asset, it follows the fundamental debit rule: increases are recorded on the debit side and decreases on the credit side. Step-by-Step Resolution: 1. Opening Balance: The account opens with a debit balance of £4,200 - money already owed by customers. 2. Credit Sales (+): New credit sales of £8,400 increase the amount owed, s
Swift Logistics Ltd disposed of a delivery vehicle for £120,000. The vehicle had originally cost £200,000 and had accumulated depreciation of £100,000 at the date of disposal. What is the gain or loss on disposal to be recorded in profit or loss?
- A.Gain on disposal of £20,000
- B.Loss on disposal of £20,000
- C.Gain on disposal of £-80,000
- D.Loss on disposal of £100,000
✓ Worked Explanation
Core Concept: Profit or Loss on Disposal of a Non-Current Asset When a non-current asset is sold, the gain or loss is measured as Disposal Proceeds minus the Carrying Value (Net Book Value). It is *not* compared to the original cost. Only the written-down value at the disposal date is relevant. Step-by-Step Resolution: 1. Find the Carrying Value (NBV) at disposal date: NBV = Original Cost Accumulated Depreciation = £200,000 £100,000 = £100,000 2. Compare to Disposal Proceeds: £120,000 (r
The trial balance of Nexus Media plc balanced perfectly. However, it was later discovered that a purchase of equipment costing £6,000 was entered into the repairs and maintenance account. What type of error has occurred?
- A.Error of Omission
- B.Error of Commission
- C.Error of Principle
- D.Error of Reversal
✓ Worked Explanation
Core Concept: The Six Types of Accounting Errors There are six classic types of bookkeeping errors. Some cause the trial balance to disagree; others do not. This question tests recognition of errors that *hide* behind a balanced trial balance - meaning both sides are still equal, but the accounting treatment is fundamentally wrong. Step-by-Step Resolution: 1. Analyse the Error: Equipment (a non-current asset / capital expenditure) was posted to Repairs & Maintenance (a revenue expense accou
The sole trader of Crown Paper Ltd took goods costing £4,800 from the business for personal use. These goods had a selling price of £7,200. What is the correct double entry to record this transaction?
- A.Debit Drawings £4,800, Credit Purchases £4,800
- B.Debit Drawings £7,200, Credit Revenue £7,200
- C.Debit Purchases £4,800, Credit Drawings £4,800
- D.Debit Inventory £4,800, Credit Drawings £4,800
✓ Worked Explanation
Core Concept: Owner's Drawings of Inventory at Cost When a sole trader takes goods from the business for personal use, this is treated as drawings - a withdrawal of capital by the owner. The key rule is that drawings of goods are always valued at cost price, never at selling price. Step-by-Step Resolution: 1. Identify the Economic Event: The owner has taken goods worth £4,800 (cost) for personal use. This is a capital withdrawal. 2. Choose the Correct Value: Goods are recorded at cost (£4,800),
For the last quarter, Meridian Distributors Ltd had net credit sales of £220,000 (excluding VAT). Gross purchases inclusive of 20% VAT were £132,000. What is the net VAT amount payable to (or reclaimable from) the tax authority?
- A.£22,000 Payable
- B.£22,000 Reclaimable
- C.£44,000 Payable
- D.£17,600 Payable
✓ Worked Explanation
Core Concept: VAT Return - Output VAT vs. Input VAT A VAT-registered business acts as a tax collector for HMRC. It charges Output VAT on sales and reclaims Input VAT on purchases. The *net VAT payable* is the difference: Output VAT Input VAT. Step-by-Step Resolution: 1. Calculate Output VAT (tax charged to customers on sales): - Sales are NET (exc. VAT): £220,000 × 20% = £44,000 2. Calculate Input VAT (tax paid to suppliers on purchases): - Purchases are GROSS (inc. VAT): use VAT fracti
A grocery distributor, Solar Energy plc, recorded net sales of £144,000 for standard-rate products (20% VAT) and £72,000 for zero-rated food products. What is the total output VAT generated on these sales?
- A.£28,800
- B.£43,200
- C.£14,400
- D.£0 (all food products are exempt from output VAT)
✓ Worked Explanation
Core Concept: Zero-Rated vs. Standard-Rated VAT Supplies In UK VAT, there are multiple categories of supply: standard-rated (20%), zero-rated (0%), reduced-rated (5%), and exempt. Both standard-rated and zero-rated are *taxable* supplies, but zero-rated generates £0 output VAT. Step-by-Step Resolution: 1. Standard-Rate Sales (£144,000): Output VAT = £144,000 × 20% = £28,800 2. Zero-Rate Sales (£72,000): Output VAT = £72,000 × 0% = £0 3. Total Output VAT = £28,800 + £0 = £28,800 Common Mistakes
An entity purchased a machine on 1 January Year 1 for £18,000. The residual value of the machine is estimated to be £1,800 with an estimated useful life of 10 years. The entity uses the straight-line method of depreciation. What is the carrying value (net book value) of the machine on 31 December Year 2?
- A.£16,380
- B.£14,760
- C.£12,960
- D.£14,580
✓ Worked Explanation
Core Concept: Straight-Line Depreciation The straight-line method spreads the depreciable amount (Cost Residual Value) equally over the asset's useful life. The same charge is recognised in *every* period. After 2 complete years, two annual depreciation charges are deducted from the original cost. Step-by-Step Resolution: 1. Calculate Annual Depreciation: (Cost Residual Value) ÷ Useful Life = (£18,000 £1,800) ÷ 10 years = £1,620 per year 2. Calculate Accumulated Depreciation at 31 Dec
A company purchased a manufacturing plant for £180,000 on 1 January Year 1. The company uses the reducing balance method of depreciation at 20% per annum. What is the depreciation charge for Year 2, and what is the carrying value at 31 December Year 2?
- A.Depreciation: £36,000, Carrying Value: £144,000
- B.Depreciation: £28,800, Carrying Value: £115,200
- C.Depreciation: £28,800, Carrying Value: £151,200
- D.Depreciation: £36,000, Carrying Value: £108,000
✓ Worked Explanation
Core Concept: Reducing Balance Depreciation The reducing balance method applies the depreciation percentage to the net book value at the start of each year (not to the original cost). This means depreciation charges decrease each year, reflecting higher economic benefit in earlier years. Step-by-Step Resolution: 1. Year 1 Depreciation: Original cost × Rate = £180,000 × 20% = £36,000 - Net Book Value at end of Year 1 = £180,000 £36,000 = £144,000 2. Year 2 Depreciation: NBV at start of Year
Download the PDF for all 20 questions + full mark scheme
Download PDFFrequently Asked Questions
Is this ACCA mock test free?+
Yes. All 250 Applaa ACCA mock tests are completely free — no sign-up, no payment required. Download PDF or view in browser.
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.
Do the ACCA mock papers include worked explanations?+
Yes. Every ACCA practice question on this page includes the correct answer and a worked explanation explaining why each option is right or wrong.
How many questions are in each ACCA mock test?+
Each Applaa ACCA mock test contains 20 multiple-choice questions across the F1 and F2 syllabus areas, with full worked explanations.
Download This Mock
Free PDF — 20 questions with worked answers. Print it or attempt offline.
Download PDF FreeNo sign-up · No paywall · Applaa proprietary
Paper Info
- Exam
- ACCA
- Mock number
- 34 of 250
- Questions
- 20
- Format
- Multiple Choice (MCQ)
- Sections
- 1
- Audience
- Accountancy students
- Timing
- Exams: Mar, Jun, Sep, Dec
- Copyright
- Applaa Proprietary
Sections Covered
- Financial Accounting
AI step-by-step guidance
Appy Buddy in the Applaa desktop app guides you through every question with Socratic AI tutoring — explains why each answer is right or wrong.
Download Applaa Free