ACCA Fa1 Specimen J14
Recording Financial
Transactions
Specimen Exam applicable from June 2014
Time allowed: 2 hours
ALL 50 questions are compulsory and MUST be attempted.
Do NOT open this paper until instructed by the supervisor.
This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper FA1
FOUNDATIONS IN ACCOUNTANCY
ALL 50 questions are compulsory and MUST be attempted
Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.
1
Which of the following is an example of capital expenditure?
A
B
C
D
2
Paying
Paying
Paying
Paying
for refurbishment as part of upgrading a building carriage outwards in respect of selling goods legal fees in order to recover customer debts bonuses to production operatives
Vic’s receivables ledger balances total $50,000, which does not agree with his trade receivables control account. The following errors were found:
(1) A credit note for $750 was not recorded in the receivables ledger
(2) A contra entry of $2,000 was entered in the control account but not in the receivables and payables ledgers.
What should be the total of the balances on his receivables ledger after correcting the following errors?
A
B
C
D
3
$52,750
$50,000
$49,250
$47,250
Christa pays her mortgage by instructing her bank to make monthly payments of a fixed amount from her current account. When the mortgage rate changes she issues revised instructions to the bank.
Which method of payment is Christa using?
A
B
C
D
4
Standing Order
Payable Order
Direct Debit
Crossed cheque
A firm has a credit facility with a local trade supplier. An invoice for purchases has been credited to the supplier’s account and debited to the sales account.
Which of the following journal entries will correct the error?
A
B
C
D
Dr
Dr
Dr
Dr
Sales account
Supplier account
Purchases account
Sales account
Cr
Cr
Cr
Cr
Transactions
Specimen Exam applicable from June 2014
Time allowed: 2 hours
ALL 50 questions are compulsory and MUST be attempted.
Do NOT open this paper until instructed by the supervisor.
This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper FA1
FOUNDATIONS IN ACCOUNTANCY
ALL 50 questions are compulsory and MUST be attempted
Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.
1
Which of the following is an example of capital expenditure?
A
B
C
D
2
Paying
Paying
Paying
Paying
for refurbishment as part of upgrading a building carriage outwards in respect of selling goods legal fees in order to recover customer debts bonuses to production operatives
Vic’s receivables ledger balances total $50,000, which does not agree with his trade receivables control account. The following errors were found:
(1) A credit note for $750 was not recorded in the receivables ledger
(2) A contra entry of $2,000 was entered in the control account but not in the receivables and payables ledgers.
What should be the total of the balances on his receivables ledger after correcting the following errors?
A
B
C
D
3
$52,750
$50,000
$49,250
$47,250
Christa pays her mortgage by instructing her bank to make monthly payments of a fixed amount from her current account. When the mortgage rate changes she issues revised instructions to the bank.
Which method of payment is Christa using?
A
B
C
D
4
Standing Order
Payable Order
Direct Debit
Crossed cheque
A firm has a credit facility with a local trade supplier. An invoice for purchases has been credited to the supplier’s account and debited to the sales account.
Which of the following journal entries will correct the error?
A
B
C
D
Dr
Dr
Dr
Dr
Sales account
Supplier account
Purchases account
Sales account
Cr
Cr
Cr
Cr