Practice

Free ACA practice questions (with worked answers)

The fastest way to find your weak spots is to answer questions. Try these ACA-style MCQs with worked solutions, then keep going free.

Updated 14 June 2026

The single most effective revision technique is active recall — answering questions rather than re-reading notes. Below are three ACA-style multiple-choice questions with fully worked answers. Try each one before you reveal the solution.

Accounting Fundamentals

1. On 1 January a business pays £1,200 for 12 months of insurance cover in advance. At its 31 March year end, what is the prepayment?

A£300

B£900

C£1,200

D£0

Reveal worked answer

Correct answer: B

Three months of cover (January–March) has been used, so £1,200 × 3/12 = £300 is the expense for the period. The remaining nine months, £1,200 × 9/12 = £900, is unexpired and carried forward as a prepayment (a current asset).

Sustainability and Ethics

2. In the ICAEW Code of Ethics, which fundamental principle is breached if an accountant lets a conflict of interest override their professional judgement?

AConfidentiality

BProfessional competence and due care

CObjectivity

DIntegrity

Reveal worked answer

Correct answer: C

Objectivity means not allowing bias, conflict of interest or undue influence to override professional or business judgement. Confidentiality concerns protecting information, professional competence and due care concerns maintaining skill, and integrity concerns being straightforward and honest.

Tax Fundamentals

3. A VAT-registered business buys goods for £2,000 plus VAT and sells them for £3,000 plus VAT. The standard rate is 20%. How much VAT is payable to HMRC for the period?

A£200

B£400

C£600

D£1,000

Reveal worked answer

Correct answer: A

Output VAT on sales is £3,000 × 20% = £600. Input VAT on purchases is £2,000 × 20% = £400. The amount payable to HMRC is output VAT less input VAT: £600 − £400 = £200.

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