CIMA CIMAPRA17-BA3-1-ENG BA3 – Fundamentals of Financial Accounting (2017 SYLLABUS) (Online) Online Training
CIMA CIMAPRA17-BA3-1-ENG Online Training
The questions for CIMAPRA17-BA3-1-ENG were last updated at Nov 22,2024.
- Exam Code: CIMAPRA17-BA3-1-ENG
- Exam Name: BA3 - Fundamentals of Financial Accounting (2017 SYLLABUS) (Online)
- Certification Provider: CIMA
- Latest update: Nov 22,2024
CORRECT TEXT
Refer to the Exhibit.
Your organization uses the Weighted Average Cost method of valuing inventory.
During a particular month, the following inventory details were recorded:
The value of the inventory at the end of the month was
There are four separate but related bodies which control the setting of International accounting standards (IFRS’s).
Which THREE of the following are included in the standard setting process?
- A . International Accounting Standards Board (IASB)
- B . Accounting Standards Board (ASB)
- C . International Financial Reporting Interpretations Committee (IFRIC)
- D . Chartered Institute of Management Accountants (CIMA)
- E . Financial Accounting Standards Board (FASB)
- F . International Accounting Standards Committee Foundation (IASCF)
A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It is estimated that the gas bill for the following quarter will be a similar amount.
What will be the amount of the accrual shown in the accounts at 30 November 2006?
- A . $5,300
- B . $3,400
- C . $3,800
- D . $4,900
In a manufacturing company, prime costs is the total of
- A . Purchases of raw materials + opening inventories of raw materials – closing inventories of raw materials + direct wages + direct expenses + production overheads
- B . Purchases of raw materials + direct wages + direct expenses + production overheads
- C . Purchases of raw materials – opening inventories of raw materials + closing inventories
of raw materials + direct wages + direct expenses - D . Purchases of raw materials + opening inventories of raw materials – closing inventories of raw materials + direct wages + direct expenses
On 31 December 20X6 GHI makes a bonus issue of 50,000 shares On this dale the nominal value of the shares is $1 and the market value is $3 GHI has a share premium account with a substantial credit balance. The share capital account is credited correctly in the nominal ledger.
Which of the following statements is TRUE?
- A . The bonus issue is valued at $3 per share and the debit entry is to the cash account
- B . The bonus issue is valued at $1 per share and the debit entry is to the share premium account
- C . The bonus issue is valued at $1 per share and the debit entry is to the cash account
- D . The bonus issue is valued at $3 per share and the debit entry is to the share premium account
Mr UY has just had property P re-valued. Mr UY originally purchased property P for £560,000. It is now worth £780,000.
Which ONE of the following shows how this transaction should be recorded in Mr UY’s property account?
- A . £220,000 credit
- B . £220,000 debit
- C . £780,000 debit
- D . £780,000 credit
IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this?
- A . Purchases are overstated
- B . Closing inventory is understated.
- C . Cost of sales are understated
- D . Gross profit is overstated
CORRECT TEXT
Refer to the Exhibit.
A company has the following transactions for an accounting period:
Closing inventory at the end of the period was $3,200 and gross profit was $16,400.
The opening inventory was therefore
Refer to the exhibit.
Both internal and external audits can be performed on the financial statements of a company. The results of the audits have different purposes and different reporting lines.
Which of the following combinations is correct?
- A . A
- B . B
- C . C
- D . D
Refer to the Exhibit.
A business banks its takings for the week. The bank account at the start of the week shows an overdraft
Which of the following is the dual effect?
- A . A
- B . B
- C . C
- D . D
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