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Guide for ACCA Practice Test

Quiz ACCA Practice Test

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/ 10

Quiz

1/10
Accounting
Under accrual accounting, revenue is recognised when the entity has ______, not necessarily when cash is received.
Select the answer
1 correct answer
A.
issued a bank statement
B.
performed the service or transferred the goods
C.
paid the supplier in full
D.
prepared the trial balance

Quiz

2/10
Business skills
In a budget meeting, a manager explains that communication is effective only when the message is ___ and the feedback confirms understanding.
Select the answer
1 correct answer
A.
vague
B.
two-way
C.
delayed
D.
informal

Quiz

3/10
Financial Management
In capital budgeting, the payback period measures how long it takes for an investment to recover its initial ______.
Select the answer
1 correct answer
A.
accounting profit
B.
initial outlay
C.
discounted surplus
D.
terminal value

Quiz

4/10
Accounting
A retailer delivered goods to a customer on 28 December, but the customer will pay in January. In preparing year-end accounts, the sale should normally be recorded in December because the goods have been transferred to the customer.
Select the answer
1 correct answer
A.
Only if the invoice has been paid
B.
Only if the customer signs a cheque
C.
Because ownership has passed before year end
D.
Because cash is received before year end

Quiz

5/10
Business skills
A finance trainee emails a client with a clear update, but the client misunderstands the deadline and calls for clarification. What does this situation mainly show about business communication?
Select the answer
1 correct answer
A.
message is effective if it is long
B.
Communication only depends on the sender
C.
Feedback is needed to confirm understanding
D.
Formal language always prevents misunderstanding

Quiz

6/10
Financial Management
A Dublin retailer expects a temporary cash shortfall next month but profitable sales for the quarter. To avoid missing supplier payments, it considers a short-term overdraft. Which financing feature best fits this situation?
Select the answer
1 correct answer
A.
Long-term equity finance
B.
Short-term bank borrowing
C.
Retained earnings distribution
D.
Convertible preference shares

Quiz

7/10
Accounting
Depreciation reduces profit, but it does not involve an immediate cash outflow.
Select the answer
1 correct answer
A.
True
B.
False
C.
Only true for current assets
D.
Only false for intangible assets

Quiz

8/10
Business skills
Good record keeping supports decision-making, improves accountability, and reduces the risk of errors.
Select the answer
1 correct answer
A.
This statement is accurate
B.
This statement is false because records are only for tax purposes
C.
This statement is false because records cannot support decisions
D.
This statement is only true for large companies

Quiz

9/10
Financial Management
Working capital management reduces risk and supports liquidity.
Select the answer
1 correct answer
A.
True, because it concerns the management of current assets and current liabilities
B.
False, because it only deals with fixed asset replacement
C.
True, because it is concerned only with dividend policy
D.
False, because it applies only to listed companies

Quiz

10/10
Accounting
In the sentence 'The expense was recorded on the cash flow statement instead of the statement of profit or loss,' the best correction is to replace 'cash flow statement' with the statement that records expenses on an accrual basis.
Select the answer
1 correct answer
A.
statement of financial position
B.
statement of profit or loss
C.
statement of changes in equity
D.
notes to the accounts
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Info quiz:

  • Quiz name:ACCA Practice Test
  • Total number of questions:30
  • Number of questions for the test:100
  • Pass score:70%
  • Number of topics:3 Topics
Study topics:Number of questions:
  • Accounting:10 Questions
  • Business skills:10 Questions
  • Financial Management:10 Questions

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