ACCA Exam Questions with All Correct Answers

ACCA Exam Questions with All Correct Answers Absorption costing - ANSWER focuses on the total cost of producing one unit of output, includes fixed production overheads in valuation cost of production Account - ANSWER Accounts receivablea location where all items relating to one particular group are recorded. For example cash items are recorded in the cash account. Account code - ANSWER a unique group of numbers and/or letters that is used to identify an item and classify it into a particular group. Accounts receivable - ANSWER The total amount of money owed to a business. Accounting Equation - ANSWER Assets = Liabilities + Equity Aged receivables - ANSWER Analysis showing all the outstanding amounts of money owed to each supplier and how overdue it is Analysed cash book - ANSWER analyses the money coming in and money going out according to the type of transaction Analysed column cash book - ANSWER analyses the money coming in and money going out according to the type of transaction Asset - ANSWER a resource controlled by a business as a result of something that happened in the past from which economic benefits (things which make the company better off financially) are expected to flow in the future Back-up - ANSWER maintaining a second copy of the records in case anything happens to the original set. In computerised accounting, this might be on hard drives kept off-site or in cloud storage automated bank transfer - ANSWER is a way to transfer money directly from a bank account for one-off payments BACS - ANSWER stands for bankers automated clearing services in the UK. ... is a way to transfer money directly from a bank account for one-off payments. Balance - ANSWER The difference between the incoming cash and outgoing cash Balance brought down (b/d, brought forward, b/f) - ANSWER is the balance on an account at the beginning of an accounting period. It equals the balance carried down from the end of the last accounting period.