FREE ACCA F1 (Financial Accounting) Questions and Answers

Question 1

1. Private businesses can advertise to the general public in order to raise shares.
2. Venture capitalists are a source of equity capital for private firms.

Are these claims accurate or inaccurate?

Accepted Answer

Statement 1 is false and statement 2 is true

Answer

Statement 1 is true and statement 2 is false

Answer

Both statements are false

Answer

Both statements are true

Question 2

With over 400 workers, Nysslit Lerner plc has an average span of control of three across its organizational structure. Which of the following conclusions could be drawn from this?

Accepted Answer

The organisation is flat

Answer

The level of complexity in the work is high

Answer

The work is systematic and routine

Question 3

An estate agent has written to you wanting financial details regarding one of your clients who is looking to rent a house. The customer will no longer be approved if the information is not received as quickly as feasible, either by fax or email.

The choice of whether, when, and how to reply to this request raises which of the following ethical principles listed in the ACCA code of ethics?

Accepted Answer

Confidentiality

Answer

Professional Behaviour

Answer

Objectivity

Answer

Technical competence

Question 4

A sizable, well-known construction company uses project team structures and a temporary matrix to organize itself on a project basis.

Which cultural type is most likely to work well in this company?

Accepted Answer

Task culture

Answer

Power culture

Answer

Role culture

Question 5

Which of the following alternatives outlines the protocols needed for each of the various tasks that a corporation performs?

Accepted Answer

A policy manual

Answer

An accounting manual

Answer

A function policy

Answer

A management information manual

Question 6

Which of the following describes a job evaluation's goal?

Accepted Answer

Demonstrating compliance with equal pay lagislation

Answer

Identifying individuals' training and development needs

Answer

Evaluating the organization's recruitment and selection procedures

Answer

Improving upward communication

Question 7

People may follow the rules and traditions of a group without truly being a part of it. Which of the following phrases best sums up this kind of behavior?

Accepted Answer

Compliance

Answer

Identification

Answer

Counter-conformity

Answer

Internalisation