Practice Test GeeksFCCA - Fellow of the Association of Chartered Certified Accountants Practice Test

FCCA Cheat Sheet 2026

The 30 highest-yield FCCA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here โ€” free, no sign-up.

FCCA exam key facts

  • All ACCA members, FCCA fellows included, pay an annual subscription of ยฃ326 for 2026; ACCA lists no separate fee for fellowship. Source
  • FCCA status lasts as long as ACCA membership is renewed on time each year; a member removed from the register loses continuity and must build up five more consecutive years after re-joining. Source
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100 questions
180 min time limit
50.00% to pass
  1. In US state and local taxation, what concept determines how much of a multistate corporation's income is subject to tax in each state? โ†’ Apportionment using a formula based on sales, payroll, and/or property factors
  2. Which of the following is a key benefit of being part of the FCCA Professional Network? โ†’ Global recognition of professional expertise
  3. An ACCA member applying for FCCA must demonstrate experience at which level? โ†’ Senior or managerial level
  4. Which working capital strategy involves maintaining minimal inventory and tight credit policies to reduce current assets? โ†’ Aggressive working capital strategy
  5. Which capital budgeting technique calculates the discount rate at which the net present value of a project equals zero? โ†’ Internal Rate of Return (IRR)
  6. Which ACCA resource provides structured CPD courses specifically designed for members' professional development? โ†’ ACCA Learning portal (myACCA)
  7. What is FATCA, and what is its primary compliance requirement for foreign financial institutions? โ†’ A US law requiring foreign financial institutions to report US account holders to the IRS
  8. An auditor discovers a significant fraud risk. Under ISA 240, what must the auditor do? โ†’ Communicate the matter to management and those charged with governance
  9. Can an FCCA member lose their fellowship status? โ†’ Yes, through disciplinary action or non-compliance with CPD
  10. Mentoring a junior ACCA student โ€” does this activity count toward an FCCA member's CPD? โ†’ Yes, as verifiable CPD if documented through a mentoring program
  11. Which of the following statements about CPD planning for FCCA members is CORRECT? โ†’ CPD should be reflective and responsive to changing professional needs
  12. What is the minimum number of years of relevant work experience required to upgrade from ACCA membership to FCCA status? โ†’ 5 years
  13. What is the primary objective of an external audit of financial statements? โ†’ To express an opinion on whether the financial statements give a true and fair view
  14. Which financial statement shows a company's financial position at a specific point in time? โ†’ Balance sheet (statement of financial position)
  15. For US tax purposes, how long must an asset generally be held to qualify for long-term capital gains treatment? โ†’ More than 1 year
  16. How does FCCA status enhance global recognition for accountants? โ†’ By providing international credibility and respect
  17. An ACCA member selected for a CPD monitoring exercise must provide which type of evidence? โ†’ Documentation supporting verifiable CPD units completed
  18. Can online learning count toward ACCA's verifiable CPD requirement? โ†’ Yes, if a certificate of completion is issued
  19. How does an ACCA member formally apply for FCCA status? โ†’ By submitting an online application through the ACCA portal
  20. Which US tax form is used by S-corporations to file their annual federal income tax return? โ†’ Form 1120-S
  21. How does becoming an FCCA enhance career prospects compared to regular ACCA membership? โ†’ By providing access to more global opportunities
  22. Which statement best describes the going concern assumption in financial reporting? โ†’ The entity will continue to operate indefinitely unless there is evidence to the contrary
  23. Which of the following best describes the nature of the FCCA designation? โ†’ A fellowship awarded to senior ACCA members
  24. Which IFRS standard deals with the presentation of financial statements and prescribes minimum content requirements? โ†’ IAS 1
  25. Why is ethical behavior important for members of the FCCA Professional Network? โ†’ To uphold the reputation of the accounting profession
  26. Which of the following is a significant reason for the global recognition of FCCA status? โ†’ It is backed by ACCAโ€™s global partnerships and reputation
  27. An FCCA member works as a CFO at a US corporation. Which CPD topic would best support their current role? โ†’ Strategic financial leadership and US GAAP updates
  28. In the Capital Asset Pricing Model (CAPM), what does a beta (ฮฒ) greater than 1 indicate? โ†’ The asset is more volatile than the market
  29. If an FCCA member takes an extended career break, which ACCA option allows them to retain membership with reduced CPD obligations? โ†’ Applying for non-practising status or exempt status where applicable
  30. Which method of inventory cost flow is NOT permitted under IFRS but IS permitted under US GAAP? โ†’ LIFO (Last-In, First-Out)
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How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. Exam facts are checked against the official sources listed below. Not reviewed by a subject-matter expert. Editorial policy

Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

  1. accaglobal.com โ€” Eligibility, exam dates, registration, score release, score validity, renewal, fees ยท verified Oct 2026