Financial Accounting (FA)
150 questions mapped to the official ACCA FA syllabus (S26-A27): updated for IFRS 18. Covers double entry, recording transactions, financial statements and consolidations. Filter by section, work at your own pace, see explanations for every answer, or switch to Exam Sim mode for a timed FA mock exam under real exam conditions.
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The FA exam format
2 hours, 100 marks in total. All questions are compulsory. The pass mark is 50%.
| Section A | 35 objective test questions worth 2 marks each | 70 marks |
|---|---|---|
| Section B | 2 multi-task questions worth 15 marks each, on consolidations and accounts preparation | 30 marks |
Source: the official ACCA syllabus and study guide for this paper. Always check the current version on the ACCA website before you sit.
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Each syllabus section has its own page with a quiz on that section and every question written out with its answer.
- Context and purpose of financial reporting (14 questions)
- Accounting system (14 questions)
- Recording transactions (27 questions)
- Preparing accounts (34 questions)
- Financial statements (17 questions)
- Consolidations (13 questions)
- Interpretation (14 questions)
Sample FA questions
Three questions from this bank, each with its answer and worked explanation. The quiz above draws from all 150.
Under IFRS 18 (which replaced IAS 1 for financial statement presentation), which of the following correctly describes a new requirement for the statement of profit or loss?
- Entities may present income and expenses in any order they choose, provided totals are disclosed
- The statement of profit or loss has been replaced by a single statement of comprehensive income only
- Entities must present all income and expenses net of tax in a single line item
- Entities must present income and expenses in defined categories: operating, investing, and financing, with a mandatory subtotal for operating profit
Show answer and explanation
Answer: D. IFRS 18 (effective for periods beginning on or after 1 January 2027, early adoption permitted) introduces defined categories for the income statement, mainly operating, investing and financing (plus income taxes and discontinued operations), with required subtotals for operating profit and for profit before financing and income taxes. This replaces the more flexible IAS 1 presentation and improves comparability. It does not allow free ordering (A). The statement of profit or loss remains a required statement (B). Income and expenses are not presented net of tax (C).
On 1 March a company sells goods on credit for £8,000, offering a 5% settlement discount for payment within 14 days. At the date of sale the customer is expected to take the discount. In fact, the customer pays the full £8,000 after the discount period has expired. Ignore sales tax. Which of the following correctly describes the revenue recognised?
- £8,000 at the date of sale, with no further entry when the full amount is received
- £7,600 at the date of sale, with a further £400 of finance income when the full amount is received
- £7,600 at the date of sale, with a further £400 of revenue when the full amount is received
- £8,000 at the date of sale, with a £400 discount allowed expense recognised at that date
Show answer and explanation
Answer: C. A settlement discount the customer is expected to take is variable consideration under IFRS 15, so revenue at the date of sale is the amount expected to be received: £8,000 x 95% = £7,600. The receivable is also recorded at £7,600. When the customer pays £8,000 after the discount period, the extra £400 was not expected and is recognised as revenue (Dr Bank £8,000; Cr Receivables £7,600; Cr Revenue £400). Option A records the full price at the date of sale, ignoring the expected discount. Option B treats the £400 as finance income, but it arises from the sale of goods and is revenue. Option D reflects an older practice of recording the gross sale and a separate discount expense, which IFRS 15 does not allow and which would be wrong here anyway because the discount was never taken.
Which of the following items would appear in other comprehensive income (OCI) rather than in profit or loss?
- A gain on disposal of plant and equipment
- Revenue from sales to customers
- A revaluation gain on property, plant and equipment
- Finance income from bank interest
Show answer and explanation
Answer: C. OCI captures gains and losses that are not recognised in profit or loss — they go directly to equity. Under IAS 16 (or IFRS 18), revaluation gains on PPE are recognised in OCI (accumulated in revaluation surplus). Gains on disposal of PPE (A) pass through profit or loss. Revenue (B) and finance income (D) are both income statement items.
About this question bank
150 questions across 9 syllabus sections, each mapped to a reference in the official ACCA syllabus for FA and each with a worked explanation. 104 are multiple choice and 46 are numerical, where you work the answer out before choosing it.
- Written to the ACCA syllabus and study guide for exams from September 2026 to August 2027.
- Spotted a mistake? Report it and it will be corrected.
| Syllabus section | Questions |
|---|---|
| A: Context & purpose | 14 |
| B: Accounting system | 14 |
| C: Recording transactions | 27 |
| D: Preparing accounts | 34 |
| E: Reconciliations | 7 |
| F: Adjustments | 10 |
| G: Financial statements | 17 |
| H: Consolidations | 13 |
| I: Interpretation | 14 |