ACCA F8 Revision Quiz

Please take ACCA F8 Revision Quiz

To complete the quiz you must answer all 20 questions, then you will be shown the results and the correct answers.

(This quiz selects 20 questions at random from the bank, so do try the test again)


1. Which one of the following is NOT part of the five main principles of the UK Corporate Governance Code?

 
 
 
 
 
 

Question 1 of 20

2. When the audit firm changes, the proposed new auditor should contact the retiring auditor. If the client refuses permission for communication to take place, what should the proposed new auditor do?

 
 
 
 
 

Question 2 of 20

3. What sort of ethical threat arises from the auditor being a close friend of the financial director of the company being audited?

 
 
 
 
 

Question 3 of 20

4. What quality the auditor should NOT look for in third parties who are carrying out some audit work?

 
 
 
 

Question 4 of 20

5. What is the proper treatment of a contingent liability where there is a possible obligation or a present obligation that may, but will probably not lead to an outflow of assets?

 
 
 

Question 5 of 20

6. Which one of the following is not one of the fundamental principles of professional ethics?

 
 
 
 
 
 

Question 6 of 20

7. An audit is the **** examination of, and expression of opinion on, the financial statements of an entity.

Question 7 of 20

8. If an item is included in year-end inventory but no invoice had been received by year-end, to get cut-off correct, the cost of the item should be:

 
 
 
 
 

Question 8 of 20

9. What is a NED?

 
 
 
 

Question 9 of 20

10. What sort of ethical threat arises from the auditor owning shares in the company audited?

 
 
 
 
 

Question 10 of 20

11. The title of the paragraph that can be inserted in an audit report to draw users’ attention to a note in the financial statements is:  an emphasis of  ***** paragraph

Question 11 of 20

12. ISA500 states that auditors must obtain ***** ***** audit evidence to be able to draw reasonable conclusions on which to base an audit opinion.

What words are represented by ***** ***** ?

Question 12 of 20

13. A receivables circulation in which a reply is expected from each customer written to, stating whether or not they agree with the balance.

This is a …

 
 
 
 

Question 13 of 20

14. Do auditors have a duty to detect fraud?

 
 

Question 14 of 20

15. The public may perceive that a member’s objectivity is likely to be in jeopardy where fees….. exceed X%… Where the entity is listed or a public interest company, this figure should be Y%.

 
 
 
 
 
 

Question 15 of 20

16. What sort of ethical threat can arise from overdue fees?

 
 
 
 
 

Question 16 of 20

17. In a listed company, to whom should internal audit report?

 
 
 
 
 

Question 17 of 20

18. There are two types of CAAT (computer assisted audit techniques). One is audit software.

What is the other?

 
 
 
 

Question 18 of 20

19. What word should appear for * * *?

* * * risk is the risk that a material misstatement in an assertion will not be prevented or detected and corrected on a timely basis by the entity’s internal control.

Question 19 of 20

20. In what type of document would the following sentence be typically found?

“We have no plans or intentions that might materially affect the carrying value or classification of assets and liabilities reflected in the financial statements”

 
 
 
 

Question 20 of 20

 

Comments

  1. avatar says

    Excellent test especially for revision purposes and cover most examinable topics. Well done Open Tuition!
    I scored 85% and I hope this will augur well for the exam day.
    Thank you for your support – these are extremely useful tests.

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