Name: BA3 - Fundamentals of Financial Accounting
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SKU: CIMAPRA17-BA3-1
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Free CIMA CIMAPRA17-BA3-1 Exam Actual Questions

The questions for CIMAPRA17-BA3-1 were last updated On May 6, 2024

Question No. 1

Store Y believe customer XF will not be able to pay his 300 debt. Which ONE of the following day books should this 'bad debt' be recorded in?

AReturns inwards daybook

BSales daybook

Cjournal

DCash book

EPetty cash book

Show Answer

Correct Answer: C

Question No. 2

Which ONE of the following does the Statement of Cash Flows show:

AThe assets, equity and liabilities of a business

BThe revenue and expenses of a business over a period of time

CThe cash usage of a business over a period of time

DNotes to go with the statements that explain the practices used

Show Answer

Correct Answer: C

Question No. 3

Company P are looking to create a balance sheet. Which of the following should be included in this document?

ACompany P's current assets

BCompany P's revenue for the period

CCompany P's cash usage for the period

DCompany P's liabilities

ECompany P's investing activities

Show Answer

Correct Answer: A, D

Question No. 4

An accountant is taking on financial accounting responsibilities for company PQ. Which TWO of the following are NOT true of financial accounting?

AIt's purpose is to provide financial information to an external source

BIt's purpose is to provide information for internal use

CPerformed without adherence to standard accounting rules

DPerformed in accordance with legal requirements

Show Answer

Correct Answer: B, C

Question No. 5

Accountant P debited wages with 1,000 instead of 1,500, but credited sales with 1,500 instead of 2,000.

Which of the following kind of bookkeeping mistakes is this?

AError of original entry

BCompensation of errors

CReversal of entries

DError of principle

Show Answer

Correct Answer: B