Financial Accounting (FA)
150 questions mapped to the official ACCA FA syllabus (S26-A27): updated for IFRS 18. Covers double entry, recording transactions, financial statements and consolidations. Filter by section, work at your own pace, see explanations for every answer, or switch to Exam Sim mode for a timed FA mock exam under real exam conditions.
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The FA exam format
2 hours, 100 marks in total. All questions are compulsory. The pass mark is 50%.
| Section A | 35 objective test questions worth 2 marks each | 70 marks |
|---|---|---|
| Section B | 2 multi-task questions worth 15 marks each, on consolidations and accounts preparation | 30 marks |
Source: the official ACCA syllabus and study guide for this paper. Always check the current version on the ACCA website before you sit.
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↓ Download PDFSample FA questions
Three questions from this bank, each with its answer and worked explanation. The quiz above draws from all 150.
Under IFRS 18 (which replaced IAS 1 for financial statement presentation), which of the following correctly describes a new requirement for the statement of profit or loss?
- Entities may present income and expenses in any order they choose, provided totals are disclosed
- The statement of profit or loss has been replaced by a single statement of comprehensive income only
- Entities must present all income and expenses net of tax in a single line item
- Entities must present income and expenses in defined categories: operating, investing, and financing, with a mandatory subtotal for operating profit
Show answer and explanation
Answer: D. IFRS 18 (effective for periods beginning on or after 1 January 2027, early adoption permitted) introduces mandatory categories — operating, investing, and financing — for the income statement, with a required operating profit subtotal. This replaces the more flexible IAS 1 presentation and improves comparability. It does not allow free ordering (B). The statement of profit or loss remains a required statement (C). Income and expenses are not presented net of tax (D).
A company's monthly payroll is: gross wages £50,000; income tax deducted £8,000; employee national insurance £4,500; employer national insurance £5,200. What is the total payroll cost to the employer?
- £50,000
- £55,200
- £62,500
- £37,500
Show answer and explanation
Answer: B. Total employer cost = Gross wages + Employer's national insurance = £50,000 + £5,200 = £55,200. Income tax and employee NI are deductions from employees' gross pay — they are already included in the £50,000 gross wages figure (paid to HMRC on behalf of employees, but not an additional cost to the employer). The employer's NI is an additional cost on top of gross wages. Option B ignores employer NI. Option C adds all deductions (double-counting). Option D deducts the employee deductions.
Which of the following items would appear in other comprehensive income (OCI) rather than in profit or loss?
- A gain on disposal of plant and equipment
- Revenue from sales to customers
- A revaluation gain on property, plant and equipment
- Finance income from bank interest
Show answer and explanation
Answer: C. OCI captures gains and losses that are not recognised in profit or loss — they go directly to equity. Under IAS 16 (or IFRS 18), revaluation gains on PPE are recognised in OCI (accumulated in revaluation surplus). Gains on disposal of PPE (B) pass through profit or loss. Revenue (C) and finance income (D) are both income statement items.
About this question bank
150 questions across 9 syllabus sections, each mapped to a reference in the official ACCA syllabus for FA and each with a worked explanation. 104 are multiple choice and 46 are numerical, where you work the answer out before choosing it.
- Written to the ACCA syllabus and study guide for exams from September 2026 to August 2027.
- Spotted a mistake? Report it and it will be corrected.
| Syllabus section | Questions |
|---|---|
| A: Context & purpose | 14 |
| B: Accounting system | 14 |
| C: Recording transactions | 27 |
| D: Preparing accounts | 34 |
| E: Reconciliations | 7 |
| F: Adjustments | 10 |
| G: Financial statements | 17 |
| H: Consolidations | 13 |
| I: Interpretation | 14 |