ACCA FA — Financial Accounting

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FA — Financial Accounting

Applied Knowledge • Free revision material, sample MCQs and mini mock.

What to Focus On

double entry, trial balance, financial statements and basic accounting standards.

2026/27 preparationFree MCQsMini mockTest-session support

5 Free FA MCQs

Attempt each question before opening the answer.

1. An increase in an asset is normally recorded as a:
A. DebitB. CreditC. ContraD. Memo
Show answer

Debit — Assets normally carry debit balances.

2. Which statement reports assets, liabilities and equity at a point in time?
A. Statement of financial positionB. Statement of profit or lossC. Cash flow statementD. Statement of changes in equity only
Show answer

Statement of financial position — It presents financial position at a reporting date.

3. Closing inventory is normally valued at:
A. Lower of cost and NRVB. Higher of cost and NRVC. Selling priceD. Replacement cost only
Show answer

Lower of cost and NRV — IAS 2 uses the lower of cost and net realisable value.

4. Depreciation primarily allocates:
A. Depreciable amount over useful lifeB. Market value over useful lifeC. Cash paid over one yearD. Residual value over useful life
Show answer

Depreciable amount over useful life — Depreciation allocates depreciable amount systematically.

5. A trial balance difference may arise from:
A. One-sided entryB. Complete omissionC. Error of principleD. Compensating error
Show answer

One-sided entry — A one-sided posting causes debits and credits not to agree.

Free 5-Question Mini Mock

Try these without opening the answers first. Use them as a quick revision check.

1. A trial balance difference may arise from:
Check answer

One-sided entry — A one-sided posting causes debits and credits not to agree.

2. Depreciation primarily allocates:
Check answer

Depreciable amount over useful life — Depreciation allocates depreciable amount systematically.

3. Closing inventory is normally valued at:
Check answer

Lower of cost and NRV — IAS 2 uses the lower of cost and net realisable value.

4. Which statement reports assets, liabilities and equity at a point in time?
Check answer

Statement of financial position — It presents financial position at a reporting date.

5. An increase in an asset is normally recorded as a:
Check answer

Debit — Assets normally carry debit balances.

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