Home › Courses › ACCA Knowledge Level › Financial Accounting › Accounting ConceptsACCA Knowledge Level Accounting Concepts — practice questions Explore 2 free Accounting Concepts questions in ACCA Knowledge Level Financial Accounting. Open each question or exercise to read its content, reference answers and available explanation.
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Worked practice questions Term to Meaning (ACCA FA) Read exercise and reference answers Matching pairs Left Going concern Right Entity continues to operate Left Accruals Right Match income to expenses Left Prudence Right Avoid overstating assets Left Consistency Right Same methods each period Left Materiality Right Omission could mislead users Instructions Match each concept to its meaning. Open this exercise →
Spot the Lie: Concepts (ACCA FA) Read exercise and reference answers Questions False statement Prudence means recognising gains before they are realised. Statements Going concern assumes the business will continue trading. The accruals concept matches income with related expenses. Prudence means recognising gains before they are realised. False statement Consistency requires changing methods every year. Statements Consistency requires changing methods every year. Materiality depends on the size and nature of an item. The business entity concept separates owner and business. False statement Faithful representation allows deliberate bias. Statements Substance over form looks at economic reality. Faithful representation allows deliberate bias. Historical cost records assets at original purchase price. Instructions Tap the one false statement. Open this exercise →
How to practise Choose a Accounting Concepts question and try to work out your answer. Open the question to check the correct answer and read its worked solution. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account. More Financial Accounting topics 
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