
FA (New Mock) 2024
Authored by PFC Education
Professional Development
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true?
The directors of a company are liable for any losses of the company
A sole trader business is owned by shareholders and operated by the proprietor
Partners are liable for losses in a partnership in proportion to their profit share ratio
A company is run by directors on behalf of its members
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best defines a statement of financial position?
It is a summary of income and expenditure for an accounting period
It is a summary of cash receipts and payments made during an accounting period
It is a summary of assets, liabilities and equity at a specified date
It is a summary of assets and expenses at a specified date
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best defines a statement of profit or loss?
It is a summary of assets and expenses at a specified date
It is a summary of cash receipts and payments made during an accounting period
It is a summary of assets, liabilities and equity at a specified date
It is a summary of income and expenditure for an accounting period
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best defines a liability?
A liability is an obligation arising from a past transaction or event.
A liability is a legally binding amount owed to a third party.
A liability is a present obligation of the entity to transfer an economic resource as a result of past events.
A liability is anything which results in an outflow of economic benefits from an entity.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best defines an expense?
An expense is any outflow of economic benefits in an accounting period.
An expense is an outflow of economic benefits resulting from the purchase of
resources in an accounting period.
An expense is an outflow of economic benefits resulting from a claim by a third party.
An expense is decrease in assets, or increase in liabilities, that result in decreases in equity other than those relating to distributions to holders of equity claims.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true in relation to a partnership?
A partnership is a separate legal entity
A partnership is jointly owned and managed by the partners
A partnership can raise capital by issuing shares to members of the public
A partnership is able to own property and other assets in its own name
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true in relation to a sole trader?
A sole trader cannot have any employees
A sole trader is able to introduce or withdraw capital from the business at any time
A sole trader has limited liability for the debts of the business
A sole trader can operate a business from only one location
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