CIMA Fundamentals of Financial Accounting - BA3 Exam Practice Test
Accounting records should be kept by all businesses for many reasons.
Which THREE of the following are reasons for keeping accounting records?
Which THREE of the following are reasons for keeping accounting records?
Correct Answer: B,C,F
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Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is
A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is
Correct Answer:
$1432
At 1 January 20X8 JKL has share capital of $500,000 and share premium $270,000. The nominal value of each equity share is 50 cents On 31 July 20X8 JKL made a 1 for 4 bonus issue.
What is the balance on share premium following the bonus issue of shares? Give your answer to the nearest $'000
What is the balance on share premium following the bonus issue of shares? Give your answer to the nearest $'000
Correct Answer:
$270,000
In which section of the statement of cash flow would cash from share issues be included? Select one of the following Statement of cash How for the year ended.......
Correct Answer:
What will be the effect on the draft financial statements if the closing inventory figure is increased?
Correct Answer: B
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Refer to the exhibit.
Which three of the following would be classified as a revenue reserve?
Which three of the following would be classified as a revenue reserve?
Correct Answer: A
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Which FOUR of the following should be categorised as a DEBIT (DR) when filling out a T-account?
Correct Answer: A,C,D,H
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Which THREE of the following represent credit balances?
Correct Answer: A,B,C
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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?
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?
Correct Answer: B
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Which of the following explains the concept of capital maintenance?
Correct Answer: D
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