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. An auditor gives weekly advice to a client on a wide range of matters (financial and non-financial). What sort of threat can this give rise to?

 
 
 
 
 

Question 1 of 20

2. Here is an excerpt from an audit report, what word should replace * * *?

“We planned and conducted our audit to obtain * * * assurance that the financial statements are free from material misstatement”

Question 2 of 20

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

Question 3 of 20

4. A **** liability is a possible liability arising from past event whose existence confirmed by future events

Question 4 of 20

5. Is the following question typical of an internal control questionnaire (ICQ) or an internal control evaluation questionnaire (ICEQ)? “Can employees be paid for hours that have not been worked?”

 
 

Question 5 of 20

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

 
 
 
 
 
 

Question 6 of 20

7. 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 7 of 20

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

 
 
 
 
 

Question 8 of 20

9. Audit risk is the risk that an **** audit opinion is given.

Question 9 of 20

10. Which one of the following is not one of the financial statement assertions?

 
 
 
 
 
 

Question 10 of 20

11. * * * of duties implies that a number of people are involved in an accounting process or transaction.

What word should be in place of * * *?

Question 11 of 20

12. Which one of the following pair of evidence is better?

 
 

Question 12 of 20

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

 
 
 
 
 

Question 13 of 20

14. Which one of the following pairs of evidence is better?

 
 

Question 14 of 20

15. 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 15 of 20

16. * * * risk is the susceptability of an assertion to a misstatement that could be material individually or when aggregated with misstatements, assuming there were no related internal controls.

What word should appear for * * *?

Question 16 of 20

17. Audit reports can be qualified for two reasons. On reason is inability to collect sufficient appropriate audit evidence.

The other reason is:

 
 
 
 

Question 17 of 20

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

 
 
 
 

Question 18 of 20

19. What is a NED?

 
 
 
 

Question 19 of 20

20. What word should be in place of * * *? A matter is material if its omission or misstatement would reasonably affect the * * * of an addressee of the auditors’ report.

Question 20 of 20

 

Comments

    • Profile photo of gromit says

      @kaise, I’m sure you know that the exam question are nothing like this simple quiz. Above all, remember to apply your excellent knowledge to the practical situations set out in the scenarios.

      All the best for the exam!

      Gromit

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