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ACC1001 - ACF1001 - Accounting fundamentals - S2 2026

ACC1001 - ACF1001 - Accounting fundamentals - S2 2026

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Zoe compares the balance sheet of her small cafe with that of a listed supermarket group. She should expect:

The supermarket's balance sheet to be more complex, with grouped classes and comparatives

None of the above

The cafe's balance sheet to be more complex

Both to have identical formats and detail

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A business's inventory now makes up a very large share of total assets, and some stock has remained unsold for over a year. A user interpreting the balance sheet should consider:

That inventory has no effect on financial position

None of the above

That more inventory is always better

Whether the inventory's reported value will actually be realised through sales

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Which of the following is a reason the balance sheet's usefulness for decision making is limited?

Some valuable resources are missing and others are recorded at historical cost

All of the above

It reports position at a single date that may be unrepresentative

Reported amounts depend on choices, assumptions and estimates

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A business operates from a studio purchased 15 years ago, recorded at its original cost, though property prices in the area have risen substantially. This illustrates which limitation of the balance sheet?

The balance sheet includes too many estimates

None of the above

The balance sheet is always overstated

Historical cost may understate the current value of assets

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A bank overdraft would typically appear in the balance sheet as:

A current asset

None of the above

A current liability

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Ivy's business earned $95,000 of service fees this year, of which $15,000 remains uncollected at year end. Under accrual accounting, the income statement reports service income of:

None of the above

$80,000, the amount collected

$15,000, the amount outstanding

$95,000, the amount earned

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A machine was used far less than usual this year due to a downturn in orders. Under the units of production method, this year's depreciation expense will be:

The same as every other year

None of the above

Higher than usual

Lower than usual

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A tutoring business has no cost of goods sold in its income statement. This is because:

The accountant forgot to include it

The business made no sales during the year

None of the above

The business does not sell goods; it provides services

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In which situation is comparing raw profit figures between two businesses most likely to be misleading?

When the two businesses are of very different sizes

When both statements cover the same period

None of the above

When both businesses are in the same industry

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Interest expense fell slightly while all other expenses grew. The most likely explanation is:

None of the above

The business repaid part of its borrowings

The bank stopped charging interest

The business borrowed more money

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