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FA1 mock paper

Forums › FIA Forums › General FIA Forums › FA1 mock paper

  • This topic has 9 replies, 2 voices, and was last updated 2 years ago by emvee16.
Viewing 10 posts - 1 through 10 (of 10 total)
  • Author
    Posts
  • October 21, 2022 at 9:45 pm #669601
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Hello. I am looking for the answers to this mock paper, it is a specimen exam from Sept 2019. I am not able to get the answers from anywhere:
    DELETED

    Please assist me it is urgent. I would really appreciate if you can attach a link to the answers or type down the answers if you have them. Thank you

    October 22, 2022 at 7:47 am #669618
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    You appear to have downloaded copyrighted material from a “torrent” – copyright piracy is theft.

    You will find the Specimen here https://specimen.accaglobal.com/Assignments/FA1/ACCA.html and you can buy Practice Tests for a modest price from ACCA here https://www.accaglobal.com/gb/en/student/exam-support-resources/practice-tests.html

    For full question practice, as we recommend here https://opentuition.com/fia/fa1, you should buy a revision kit from an approved publisher.

    October 22, 2022 at 11:14 am #669636
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Ok. I apologize. Thank you for sharing the resources. Currently, I am not able to purchase a practice test. Every time I try to purchase it I get a message at the top of my screen: “not all users are added”. Do you know what that means??

    October 23, 2022 at 5:34 pm #669731
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Hello. Can you please help me with the following question?

    The balance on the receivables ledger control account is $126 more than the list of customer balances. This could be caused by which one of the following?

    A An invoice for $126 omitted from the sales day book
    B A credit note for $126 omitted from the sales returns day book
    C A customer refund of $126 posted twice to the receivables ledger
    D A credit note for $63 entered twice into the receivables ledger

    The answer is C. But what I am not able to understand is that they wrote “receivables ledger” in option C. Isn’t it supposed to be the receivables ledger control account? Please help clarify..

    October 23, 2022 at 10:41 pm #669756
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    Re the message I don’t know what that means. You could ask ACCA directly here https://forms.accaglobal.com/contact-us

    October 23, 2022 at 10:46 pm #669757
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    A control a/c is made up of postings of TOTALS. A ledger is made up of postings of INDIVIDUAL amounts.

    C describes a posting of a transaction ie an individual amount, which must be to a ledger (not a control a/c).

    October 23, 2022 at 11:48 pm #669771
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Thank you. But how is C the answer to the question?

    Because if a refund has been posted twice to the individual customer’s ledger account, won’t it mean that the list of customer balances are $126 more than the control account? Or perhaps there was a typing mistake in the option..

    October 25, 2022 at 6:40 pm #669964
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    Yes. First of all, is a cash refund debited or credited in the RLCA/the individual customer’s account?

    I think it is debited and if it is, then posting a refund twice to the receivables ledger would only make the list of customer balances $126 more (and not less as stated in the question)

    I’m really confused, please explain me clearly

    Is the option itself wrong or have I made a mistake somewhere??

    October 26, 2022 at 11:51 am #670036
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8291
    • ☆☆☆☆☆

    It is always helpful if you state the SOURCE of a question – then it is easier to check whether there is a mistake in it (there shouldn’t usually be in BPP/Kaplan/ACCA published resources).

    I suggest C should be:

    A customer refund of $126 posted twice to the general ledger

    i.e. a typing mistake in the option

    October 26, 2022 at 5:40 pm #670066
    emvee16
    Participant
    • Topics: 14
    • Replies: 67
    • ☆☆

    I found the question from BPP revision kit, in “mixed bank 3”

    Yes I agree with your suggestion as well. Thank you for the clarification

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