ACA Study Guide 2026
Everything you need to pass the ACA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 ACA Exam Format at a Glance
📚 ACA Topics to Study (57)
✍️ Sample ACA Questions & Answers
1. Which costing system assigns costs to products based on the activities that drive those costs?
ABC identifies cost drivers for each activity and assigns overhead costs to products based on their consumption of those activities, giving more accurate product costs than traditional volume-based absorption.
2. A UK company is resident for corporation tax purposes if it is:
UK corporation tax residency is based on incorporation in the UK (statutory test) or having central management and control exercised in the UK (common law test).
3. A company holds an investment property under FRS 102. How should it be measured at each reporting date?
Under FRS 102 Section 16, investment property whose fair value can be measured reliably without undue cost or effort must be measured at fair value at each reporting date, with changes recognised in profit or loss. If fair value cannot be determined reliably, the cost model under Section 17 is used instead.
4. Under FRS 102, which of the following is NOT a component of the statement of financial position?
Revenue is reported in the statement of comprehensive income (profit or loss), not the statement of financial position. The statement of financial position comprises assets, liabilities, and equity as defined by FRS 102 Section 2.
5. Under the Insolvency Act 1986, what is the minimum unpaid debt required for a creditor to present a winding-up petition against a company?
A creditor must be owed at least £750 (the statutory minimum) to present a winding-up petition under the Insolvency Act 1986.
6. The 'wholly and exclusively' rule for UK tax purposes applies to:
Under ITTOIA 2005 and CTA 2009, expenses are only deductible if incurred wholly and exclusively for the purposes of the trade. Dual-purpose expenditure is generally disallowed.