FA1 ACCA – Full Mock Exam (Advanced Level)
1.
A receivables control account shows $82,400. A reconciliation finds: (1) Discounts allowed of
$1,240 omitted from the control account; (2) A customer's $900 invoice was posted twice to their
ledger; (3) A credit note of $2,600 was recorded in the ledger but not the control account. What is
the corrected receivables control balance?
2.
A suspense account shows a credit balance of $1,540. Investigation finds: (1) A purchase of $320
was debited to the supplier twice; (2) Sales of $780 recorded as $870; (3) A bank payment of
$460 recorded only in the cash book. What was the original suspense balance before
corrections?
3.
A cashbook includes a receipt of $4,200 from a credit customer, inclusive of 20% VAT. The
customer still owes $1,800 excluding VAT. What amount should appear in the receivables control
account after the receipt?
4.
Goods costing $8,600 were returned to a supplier but recorded as $6,860 in the payables ledger
and correctly in the payables control account. What discrepancy will appear in the reconciliation?
5.
A business uses a coding system where each segment of digits represents category,
subcategory, colour, and size. Code 24-11-05-2 represents category 24, subcategory 11, colour
05, size 2. What type of coding system is this?
6.
A petty cash imprest system has a float of $300. Actual cash is $46, and vouchers total $270.
What is the correct reimbursement?
7.
Inventory records show: Opening inventory 1,200 units @ $4.20; Purchases 900 units @ $4.80;
Sales 1,500 units. Using FIFO, what is closing inventory value?
8.
A machine costs $84,000, residual value $6,000, useful life 6 years. Using reducing balance
depreciation at 25%, what is depreciation in year 2?
9.
A supplier statement shows $12,460 payable. The payables ledger shows $11,780. Errors found:
(1) Supplier invoiced $1,200 but business entered $120; (2) Payment of $540 recorded twice by
business; (3) Supplier omitted a credit note of $400. What is the corrected ledger balance?
10.
A trial balance does not balance. A debit entry of $5,800 for rent was posted as $8,500. A credit
sale of $1,420 was recorded only in the ledger. What is the suspense account balance?
Answers & Explanations
1. Corrected balance = 82,400 - 1,240 - 2,600 = 78,560. (Duplicate posting affects only ledger list, not
control).
2. Errors create differences: (1) No effect; (2) Understated sales credit = 90; (3) One■sided cashbook
entry = 460. Suspense = 90 Cr + 460 Cr = 550 Cr.
3. VAT: 4,200/1.20 = 3,500 net. Previous balance 1,800; receipt = 3,500. Remaining = 1,800 - 3,500 =
overpayment 1,700 (Dr receivables).
4. Ledger understated return by 1,740 → Payables ledger higher by 1,740 than control.
5. Faceted code (each segment describes an attribute).
6. Total accounted: 46 + 270 = 316. Float 300 → Overspend 16 → Reimbursement = 16.
7. FIFO: Sold 1,500 units → 1,200 from opening + 300 from purchases. Closing = 600 units @ 4.80 =
2,880.
8. Year 1 dep: 84,000×25% = 21,000 → NBV = 63,000. Year 2 dep = 63,000×25% = 15,750.
9. Start 11,780. Error 1: +1,080; Error 2: +540; Error 3: -400 → Corrected = 12, , etc
10. Error difference: rent = 2,700; sale missing = 1,420 → Suspense = 2,700 + 1,420 = 4,120.