Mock exam: Final accounts
Questions from every module of Final accounts.
20 questions, 30 minutes, no hints. Nothing is marked until you hand it in, then you see your score for each topic.
How a sitting works
- Every question is on one page, and the clock starts when you begin. You can change any answer until you hand the paper in, and it is handed in for you when the time runs out.
- Questions are drawn fresh each time, spread across every module the exam covers.
- Your result shows each topic, so you know which rooms to go back to.
- Score 70% or more to pass. Your first pass adds 100 marks.
What it covers
Sole trader accountsTurn a sole trader's trial balance into a statement of profit or loss and a statement of financial position, and see where capital and drawings fit.Incomplete recordsHow to rebuild a year's figures when the books are missing: the accounting equation, control accounts, the bank, and mark-up and margin.Partnership accountsHow partners share a profit: the agreement, the appropriation account, capital and current accounts, and the partnership's statement of financial position.Changes in a partnershipWhat happens in the books when a partner joins, a partner retires or the profit share changes, and why goodwill sits at the centre of each one.Limited company basicsHow a company's accounts differ from a sole trader's: shares, reserves, dividends, corporation tax, and the people who read the result.Principles and ethicsThe ideas behind every set of accounts, and the standards of behaviour expected of the people who prepare them.
Questions
Is it free?
No. It needs Premium. The free rooms of Final accounts are the place to prepare.
How long is it?
20 questions in 30 minutes. The paper is handed in when the time runs out.
What is the pass mark?
70%. Your first pass adds 100 marks to your record.
Are the questions the same each time?
No. Each sitting draws new questions, spread across the 6 modules it covers.
Is it a real exam?
No. It is a practice paper on Ledger Drill, which is independent and not affiliated with AAT. Passing it is not a qualification.