CIMA CIMAPRA17-BA3-1-ENG Questions & Answers

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CIMA

CIMAPRA17-BA3-1-ENG

BA3 - Fundamentals of Financial Accounting

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The valuation of inventory in a manufacturing company will consist of: A . Direct material and direct labor only

B . Direct material, direct labor and direct expenses only C . All direct costs plus a share of production overheads

D . All direct costs plus a share of production and non-production overheads

Answer: C

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

Answer: B

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 . Purchases are overstated

B . Closing inventory is understated. C . Cost of sales are understated

D . Gross profit is overstated

Answer: B

Answer: B Question: 78 Refer to the Exhibit.

John, an employee of Kelt Ltd, earns gross wages for a week of £425.76.

Income tax is deducted at a rate of 25% on all earnings in excess of £85.00 per week and he is also liable to pay National Insurance contributions of 9% of his total earnings. Employers national insurance contributions are at a rate of 10.5%.

What are the correct ledger entries in the accounts of Kelt Ltd? The answer is:

B . Option B C . Option C D . Option D

Answer: A

DEF prepares its financial statements to 30 September each year On 1 March 20X5 DEF acquires an office and immediately rents it to a tenant charging $2,400 a quarter payable in advance.

The tenant pays $2,400 on each of the following days 1 March 20X5, 6 June 20X5, 4 September 20X5 and 1 December 20X5.

What is the liability reported in the statement of financial position relating to the rent at 30 September 20X5? A . $7,200

B . $1,600 C . $4,000 D . $5,600

Answer: D

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

Answer: C

Company X is a private limited oil company.

Which of the following are relevant for Company X’s integrated report? A . Risk of oil prices falling

B . Risk of share prices falling

C . Risk posed by competing oil companies and sustainable energy sources D . Need for report to be concise

Answer: A,C,D

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

Answer: D Question: 83 Refer to the Exhibit.

Which of the following items should be included in the valuation of inventory in a manufacturing company? A . A, C and F

C . A, C, D and E D . B, D, E and F

E . A, C, D, E and F

F . A, B, D, E and F

Answer: E

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?

A . Rules based

B . Principles based C . Statutory

Answer: B

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