BA3 Practice Questions
Fundamentals of financial accounting
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Total Questions : 393
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Our free CIMA Certificate practice questions crafted to reflect the domains and difficulty of the actual exam. The detailed rationales explain the 'why' behind each answer, reinforcing key concepts about BA3. Use this test to pinpoint which areas you need to focus your study on.
Company X wants to find the total of all the transactions from its sales account. Where should Company Xlook?
The balances of the trial balance of CDE for the year ended 31 May 20X4 is as follows
What must the balance on the share capital account be at 31 May 20X4 if the trial balance is to balance? Give your answer in $’000
Where a transaction is entered into the correct ledger accounts, but the wrong amount is used, the error is known as an error of
The Framework is described as a conceptual framework when used in the creation of new accounting standards.
Which ONE of the following describes the approach of the Framework?
Which one of the following best describes the purpose of an external audit of financial statements?
DEF has the following equity balances at 1 June 20X7.
On 30 June 20X7 DEF issued 200.000 new shares at their full market price of $1 75.
What are the equity balances of DEF after issuing these shares?
A)
B)
C)
D)
Refer to the Exhibit.
What is the correct ledger entry for purchase of goods on credit?
The answer is:
Below is some information about Company TYY:
TYY offers a wholesale price for Product P of £650 per 100 quantity.
TYY offers regular customers a 35% trade discount.
On every 15th of the month, TYY offers a 15% cash discount on sales.
MPU wants to make a purchase from TTY for the first time, of900 Product Ps on the 15th of June. How much will MPU pay for this purchase?
A company's financial statements show a gross profit of $15 million. A major error in the inventory value system has been discovered resulting in an overstatement on opening inventory of $1.2 million and an understatement in closing inventory of $1.5 million.
What is the correct gross profit figure for the period?
Financial statements should present fairly the financial position, financial performance and cash flows of an entity. In virtually all circumstances, a fair presentation is achieved by..........
Which of the following?
