ACCA 2026 FR Financial Reporting Inventory Free Quiz 1

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ACCA 2026 FR Financial Reporting Inventory Free Quiz 1

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ACCA 2026 FR Financial Reporting Inventory Free Quiz 1

Practice ACCA 2026 FR Financial Reporting MCQs from Inventory. Get instant results with Explanation.

General10 MCQs

1. How should inventories be measured under IAS 2?

A. Inventories are measured at cost onlyB. Inventories are measured at the lower of cost and net realisable valueC. Inventories are measured at net realisable value onlyD. Inventories are measured at selling price

2. What is net realisable value (NRV)?

A. NRV is the selling price without deducting any costsB. NRV is the cost of the inventoryC. NRV is the estimated selling price less costs to complete and sellD. NRV is the replacement cost of the inventory

3. What is the FIFO method of inventory costing?

A. FIFO assumes that the oldest inventory items are sold firstB. FIFO assumes that the newest inventory items are sold firstC. FIFO assumes that inventory is sold in random orderD. FIFO assumes that inventory is sold in the order of purchase

4. What is the weighted average cost method?

A. Weighted average cost uses the cost of the oldest itemsB. Weighted average cost uses the cost of the newest itemsC. Weighted average cost is the same as FIFOD. Weighted average cost calculates an average cost per unit from total cost and total units

5. In a period of rising prices, which method gives higher profit (FIFO or LIFO)?

A. In rising prices, FIFO results in lower profit than LIFOB. In rising prices, FIFO results in higher profit than LIFOC. In rising prices, FIFO and LIFO result in the same profitD. In rising prices, profit is not affected by cost flow assumption

General10 MCQs

6. What is the formula for cost of goods sold?

A. COGS = Opening inventory + Purchases - Closing inventoryB. COGS = Closing inventory - Opening inventory + PurchasesC. COGS = Opening inventory + Purchases - Closing inventoryD. COGS = Opening inventory + Closing inventory - Purchases

7. What is the inventory turnover ratio?

A. Inventory turnover = Cost of goods sold / Average inventoryB. Inventory turnover = Sales / Average inventoryC. Inventory turnover = Average inventory / Cost of goods soldD. Inventory turnover = Sales / Closing inventory

8. What is the difference between periodic and perpetual inventory systems?

A. The periodic system updates inventory continuouslyB. The perpetual system updates inventory only at the end of the periodC. The perpetual system updates inventory continuously; the periodic system updates at the end of the periodD. The periodic and perpetual systems are the same

9. How is a write-down of inventory to NRV recorded?

A. Write-down to NRV: Debit Inventory; Credit Write-down expenseB. Write-down to NRV: Debit Write-down expense; Credit InventoryC. Write-down to NRV: Debit Cost of Goods Sold; Credit InventoryD. Write-down to NRV: Debit Inventory; Credit Cost of Goods Sold

10. How is the lower of cost and NRV rule applied?

A. The lower of cost and NRV rule is applied to total inventoryB. The lower of cost and NRV rule is applied to cost of goods soldC. The lower of cost and NRV rule is applied to individual items or groups of similar itemsD. The lower of cost and NRV rule is applied to sales revenue

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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