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CIMA Fundamentals of Financial Accounting Sample Questions:

1. 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) D
D) C

2. An external audit is an independent examination of, and expression of opinion on the financial statements of an entity.
Who of the following appoints the external auditor?

A) Shareholders
B) Finance director
C) Chief operating officer
D) The Board

3. Cost of goods sold for a manufacturing company is the total of

A) prime costs + production overheads + opening inventories of raw materials - closing inventories of raw materials + opening work in progress - closing work in progress
B) prime costs + production overheads - opening work in progress + closing work in progress - opening inventories of finished goods + closing inventories of finished goods
C) prime costs + production overheads + opening work in progress - closing work in progress + opening inventories of finished goods - closing inventories of finished goods
D) prime costs + production overheads + opening inventories of raw materials - closing inventories of raw materials + opening work in progress - closing work in progress + opening inventories of finished goods
- closing inventories of finished goods

4. 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) Gross profit is overstated
B) Closing inventory is understated.
C) Purchases are overstated
D) Cost of sales are understated

5. Which of the following transactions would be classified as a revenue transaction?

A) Issue of share capital
B) Payments made to trade payables
C) Purchase of inventory for resale
D) Purchase of plant and machinery

Solutions: