Acca paper F1 fia diploma in Accounting and Business Accountant in Business (AB/fab) exam kit

(2 marks) 
 
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PRA CTICE OBJE CTIVE TEST QUESTIONS : 
SECTION 1 
K APLA N PUBLISH ING 
39 
176 
Al is trying to find certain key figures from the financial statements of HGF Co. In particular 
he needs to find: 
(1) 
The net assets of HGF 
(2) 
HGF’s gross profit for the year 
(3) HGF’s 
share 
capital 
Al is unsure about whether to look at the Statement of Financial Position (SOFP) or the 
Statement or profit or loss (SOPL) for each one.
Which of the following correctly matches the above items of information with the 
financial statements in which they would be found? 
 
 
(1)
(2)
(3) 
A 
SOFP 
SOPL 
SOPL 
B 
SOPL 
SOFP 
SOFP 
C 
SOPL 
SOFP 
SOPL 
D SOFP 
SOPL 
SOFP 
(2 marks) 
FINANCIAL SYSTEMS AND PROCEDURES
177 P runs a business which sells computer equipment. She is concerned that when her 
business pays its suppliers, the wrong amount may be paid. Which of the following 
control measures could help P to deal with this problem? 
A 
Regular purchase ledger reconciliations 
B 
Match the GRN to the original purchase order sent to the supplier 
C 
Matching of the purchase order to the requisition order 
D 
Prompt recording of invoices received
 
(2 marks)
178 
JBB Co manufactures and sells furniture, which is sells online and delivers to customers. JBB 
has recently faced a number of complaints from customers who have been sent the wrong 
style or colour of furniture.