CIMA CIMAPRA17-BA3-1-ENG BA3 – Fundamentals of Financial Accounting (2017 SYLLABUS) (Online) Online Training

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1. Refer to the Exhibit.





The following information relates to a business at its year end:

The prime cost of goods manufactured during the year is:

2. The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered.

• a payment of $2,000 made to a supplier has not yet appeared on the bank statement,

• an automated receipt from a customer for $5,000 has not yet been recorded in the cash book, and

• a pigment to a supplier of $1,500 was incorrectly recorded in the cash book as $1,050

The balance showing on the bank statement at 31 December 20X6 is

3. Refer to the Exhibit.





On 1 May year 1 a company pays insurance of $1,800 for the period to 30 April year 2.

What is the charge to the income statement and the entry in the statement of financial position for year 1 ended 30 November?

4. Which one of the following statements best describes the usefulness of the income statement account of a company:

5. A company that is VAT-registered has sales for the period of $245,000 (excluding VAT) and purchases for the period of $123,375 (including VAT). The opening balance on the VAT account was $18,000 credit. The VAT rate is 17.5%.

What will be the closing balance on the VAT account at the end of the period?

6. A business has expanded rapidly during the current year. As a result the accounting records have been building up and the management accountant is having problems producing reports for each department head.

Which of the following would be the best solution if introduced?

7. Which of the following is not a book of prime entry?

8. At the end of the year, the non-current asset register showed assets with a net book value of £170,300. The non-current asset accounts in the nominal ledger showed a net book value of £150,300.

The difference could be due to a disposed asset not having been removed from the non-current asset register, which had.

9. Which of the following represent items of income for a business?

10. CORRECT TEXT

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




 

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