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FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss

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  4. Hello Good evening opentuition i must really commend this site it is really helping a lot please i couldn’t find anywhere else to write this. I just took the FA practice EXAMS on here and I realized i couldn’t scroll down to see the remaining options as a lot of the question displayed just two options same with the section B i couldn’t answer any because I couldn’t see the open box to type in my answer it won’t scroll down. i guess its the new outlook because it has changed since when i last took this same practice exam. thank you and please help. Kind regards.

  7. Hey.
    This is regarding the 4th question of FA practise questions for chapter 2.
    The answer was worked out as – (960 x 11) / 840
    Why do we divide it by 840?

    • I assume that you actually mean question 3 馃檪

      The answer does not divide anything by 840 !! (And you would realise this if you checked the total for withdrawals of 12,360)

      If you look carefully, the total drawings are (960 x 12) + 840.

      (960 is multiplied by 12 (not 11) because there are 12 months in the year, and then 840 is added because of the inventory taken).

  8. Sir, l need clarification regarding the explanation to the answering of question 3 of 5 of the FA chapter 2. The question was net asset as at February 1st and not January 1st , hence the withdrawals should be for 11 months i.e. 11 x $ 960 and not 12 x $960 please help clarify.

  9. Dear Sir,
    In the chapter 13 of FA notes, there are several examples given but in the answers to examples section, it says that there are no examples at all. This is a very big chapter. I hope you could find a way to send me the answers for the same as I am facing difficulty in solving these.
    You can mail the same to me at

    si*************@gm***.com











    .

  10. I’m new to accounts..my teacher told me to study through this and I’m doing edexcel as(1st stage) do you have the basic accounts materials here..plz reply me if you have and send the link too

    • In future please ask this kind of question in the Ask the Tutor Forum – not as a comment on a practice test.

      We provide free study material for the ACCA and CIMA examinations. ACCA Paper FA is basic accounting and applies to any exams.
      You can find out material by following the links to ACCA and then FA at the top of the page.

    • We have an online mock exam that is linked from the main Paper F3 page. However, you need more than 1 mock exam – you must buy a Revision Kit from one of the ACCA approved publishers. The Revision Kit contains mock exams, and also lots of exam-standard questions for practice (and practice is vital to passing the exam).

  13. Hey john..
    I have a question for you ..
    are these practise questions effective and sufficient to score a good marks in exams ??
    Just asking you cause these questions seems to be easy 馃檪

  15. Morning, Sir.
    Regarding F3 Chapter 2 Questions 5 of 5,

    Q: On 1 July 2012 a business had net assets of $23,000.
    At 30 June 2013 they had total assets of $34,000 and total liabilities of $8,000.
    During the year the owner had introduced $2,000 more capital, and had taken drawings of $500 per month.
    What was the profit for the year ended 30 Jun 2013?

    I would like to ask sir, how to solve this question.
    Thanks.

  16. hi sir
    i would like to ask you a personal question
    that is, practicing more questions in open tuition and also practicing its mock exams several times
    could it help and support me to pass for sitting my f2 paper next week
    with high marks like 80 or 70 and above
    otherwise we found this site very helpful and thank you
    for being available eveytime

    • In future, please ask this sort of question in the Ask the Tutor Forum rather than as a comment on a test.

      The more practice you get the better – there is also a practice exam on the ACCA website, and best of all is to use a Revision Kit from one of the ACCA approved publishers because they are full of practice questions.

  18. Thanks Mr John!!! Your lectures,practice questions was a great help for me!!!
    I sat my F3 paper on 13/7 and i pass it. Can’t do it without you again.

  19. Hello, I don’t understand the reasoning behind the solution of Question 1 and Question 3.

    In Question – 1 : The correct answer had ‘Capital Introduced’ subtracted while the ‘Drawings’ were added, shouldn’t it be the other way around with drawings being subtracted and capital introduced treated as an addition ?

    In Question – 3 : I did everything correctly but I subtracted Drawings ( Less : Withdrawal ) while the correct answer had (Add : Withdrawals). Isn’t Drawings something that owner withdraws from the business ? Then why isn’t it treated as a subtraction ?

    • The pop-up answers to both questions are correct.

      they are both applications of the accounting equation: increase in net assets = capital introduced plus profit less drawings.

      This is explained in full in the free lectures, and you should watch the lectures before attempting the tests. The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

  20. I really feel regret that I didn’t know about this website earlier. I got to know about this website just a couple of weeks earlier from our management. Besides, I don’t have any basics on accounting and also I couldn’t understand my class lecturer. But now I just went through this two chapters and now on wards I’m feeling confident that I can do this exam better. All the credit goes to you Sir! Thank you for that.

    • This is a wonderful site to help students. A lot of time is required to find and read the notes and download the lectures.

      I have the following suggestions:
      a. both readers and tutor time will be saved if the Lecture Notes and Lecture Videos can be downloaded by pressing a button
      b. the other interactive parts can be left as they are, e.g. the Mock Exam Questions, Quiz, etc.

      • There is a button for downloading the notes above each lecture, and they obviously only need downloading once.
        Lectures cannot be downloaded – they can only be watched online. That is the only way that we can keep this website free of charge. (You will find the same applies on paid for websites also)

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