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
The financial statements are produced in accordance with relevant accounting standards. This compliance ensures the requirement of fair presentation of transactions and events is met
How is this compliance emphasized?
- A . Reconciliation procedures
- B . Employment of qualified employees
- C . Specific disclosure
- D . Regular preparation of financial statements
A non-current asset was purchased for £240000 at the beginning of Year 1, with an expected life of 7 years and a residual value of £50000. It was depreciated by 20% per annum using the reducing balance method.
At the beginning of Year 4 it was sold for £100000.
The result of this was:
- A . A loss on disposal of £2720
- B . A loss on disposal of £22880
- C . A profit on disposal of £50000
- D . A profit on disposal of £58571
Which of the following would result in an increase in the cash balance for the period?
(a) A reduction in inventory
(b) A reduction in receivables
(c) A reduction in payables
(d) A gain on disposal of non-current assets
- A . (a) and (b) only
- B . (b) and (c) only
- C . (c) and (d) only
- D . (a), (b) and (c) only
Refer to the Exhibit.
A sole trader, who only has cash sales, banks all cash receipts above the agreed petty cash float of $400.
During week 2 he has the following transactions:
What is the amount banked at the end of week 2?
- A . $25
- B . $225
- C . $425
- D . $625
DRAG DROP
FGH has extracted its trial balance from its nominal ledger for the year ended 31 March 20X6. The items below have a value greater than SNil.
Which are debit and which are credit balances?
Refer to the Exhibit.
What is the correct ledger entry for purchase of goods on credit?
The answer is:
- A . Option A
- B . Option B
- C . Option C
- D . Option D
The purpose of the external audit is the examination of, and expression of opinion on the financial statements of an entity.
What is the purpose of internal audits?
- A . To prepare for external audits
- B . To assist employees of the organization in effective discharge of their responsibilities
- C . To create fear
- D . To confirm balances presented in the financial statements
Which one of the following book-keeping errors does not affect the view given by the financial accounts?
- A . An error of omission
- B . An error of commission
- C . An error of principle
- D . An error of original entry
A payment to a supplier has been credited to the supplier’s account and debited to the bank account.
This would result in
- A . an understatement of profit and an overstatement of liabilities
- B . an understatement of profit and an overstatement of assets
- C . an overstatement of profit and an overstatement of liabilities
- D . an overstatement of profit and an overstatement of assets
Which ONE of the following is an asset?
- A . Sales tax paid on an item
- B . Sales tax received from the sale of an item
- C . Sales tax exempt from an item
Latest CIMAPRA17-BA3-1-ENG Dumps Valid Version with 393 Q&As
Latest And Valid Q&A | Instant Download | Once Fail, Full Refund
