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 23,2024.
- Exam Code: CIMAPRA17-BA3-1-ENG
- Exam Name: BA3 - Fundamentals of Financial Accounting (2017 SYLLABUS) (Online)
- Certification Provider: CIMA
- Latest update: Nov 23,2024
Accounting standards are needed so that financial statements will fairly and consistently describe financial performance.
What are accounting standards an example of?
- A . Principles based accounting
- B . Cash accounting
- C . Cost accounting
- D . Rules based accounting
Which ONE of the following does the Statement of Cash Flows show:
- A . The assets, equity and liabilities of a business
- B . The revenue and expenses of a business over a period of time
- C . The cash usage of a business over a period of time
- D . Notes to go with the statements that explain the practices used
An invoice to Sammy has been entered in the sales day book as $85 instead of $58.
To correct the position, which of the following procedures should be adopted?
- A . Debit Receivables $27, Credit Sales $27 and increase the balance owing by Sammy
- B . Debit Receivables $27, Credit Sales $27 and decrease the balance owing by Sammy
- C . Debit Sales $27, Credit Receivables $27 and increase the balance owing by Sammy
- D . Debit Sales $27, Credit Receivables $27 and decrease the balance owing by Sammy
Under the normal convention of accounting, assets are shown in the balance sheet at:
- A . Their current market value
- B . Their cost value
- C . The current cost to the firm of replacing them
- D . Their economic value to the firm
A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000.
The profit/loss for the period was:
- A . $16,000 profit
- B . $16,000 loss
- C . $8,000 profit
- D . $8,000 loss
Which of the following transactions would be classified as a revenue transaction?
- A . Purchase of plant and machinery
- B . Issue of share capital
- C . Payments made to trade payables
- D . Purchase of inventory for resale
Which THREE of the following represent credit balances?
- A . assets
- B . liabilities
- C . income
- D . expenses
- E . capital
- F . drawings
Refer to the Exhibit.
A company is preparing its accounts to 30 April 2006. The latest telephone bill received by the company was dated 31 March and included call charges for the quarter 1 December to 28 February. The amount of the bill for call charges (excluding VAT) was $960. Most of the company’s telephone bills are for similar amounts.
Which of the following journal entries should be made to the company’s accounts at 30 April 2006?
The journal entries which should be made to the company’s accounts at 30 April 2006 is
- A . A
- B . B
- C . C
- D . D
Who is responsible for ensuring that internal control systems operate efficiently?
- A . External auditors
- B . Directors
- C . Shareholders of the company
- D . Creditors
Refer to the Exhibit.
Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required.
In addition, a specific allowance for receivables of $18,640 is also required for two customers who are experiencing cash flow difficulties. There are also two customers who have gone into receivership while owing the company $6,300. The current allowance for receivables is $156,000.
Which is the correct entry to be made to the accounts to record these transactions?
- A . A
- B . B
- C . C
- D . D
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