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CIMA BA3 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Accounting Principles, Concepts and Regulations | 10% | - Regulatory and conceptual framework - Principles and concepts of financial accounting |
| Recording Accounting Transactions | 50% | - Prepare accounting records - Reconciliations and control accounts - Record transactions using double-entry bookkeeping |
| Analysis of Financial Statements | 10% | - Interpret accounting ratios and performance - Calculate basic financial ratios |
| Preparation of Accounts for Single Entities | 30% | - Adjustments and inventory/cost of sales entries - Prepare financial statements from trial balance |
CIMA Fundamentals of Financial Accounting Sample Questions:
Under the normal convention of accounting, assets are shown in the balance sheet at:
- A. Their economic value to the firm
- B. Their cost value
- C. The current cost to the firm of replacing them
- D. Their current market value
Correct Answer: B 🗳️
Which ONE of the following is a possible explanation for a debit balance on the purchase ledger account of a supplier?
(i) An invoice has been posted twice
(ii) A credit note has been posted twice
(iii) A payment has been recorded against the wrong supplier account
(iv) A payment has been posted twice
(v) A contra was posted to the supplier account but not the customer account (vi) Goods returned had been posted to the wrong supplier account
- A. (iii) and (iv) only
- B. (ii), (iii) and (iv) only
- C. (i), (ii) and (v) only
- D. (i) and (ii) only
- E. (i), (ii) and (iv) only
- F. (iii), (iv) and (vi) only
Correct Answer: B 🗳️
The role of the internal auditors is primarily to:
- A. Prepare the financial accounts
- B. Reduce the fees charged by the external auditors by carrying out some of their duties at a lower cost, thereby improving profits
- C. Report to shareholders on the accuracy of the accounting system
- D. Support the work of the external auditors by carrying out specific checks on the accuracy of the accounting system
Correct Answer: D 🗳️
Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. Opening inventory at the beginning of the period was 200 units @ £2.80 each. During the period the following movements of inventory were recorded.
The value of the closing inventory at the end of the period and amount charged to the income statement were:
- A. Closing inventory £357.50 Income statement £1897.50
- B. Closing inventory £360.00 Income statement £1895.00
- C. Closing inventory £360.00 Income statement £1695.00
- D. Closing inventory £360.00 Income statement £2255.00
Correct Answer: A 🗳️
Refer to the Exhibit.
A business which is not VAT registered, purchased stationery items on credit costing £500 excluding VAT.
The rate of VAT on the goods was 17.5%.
What are the correct ledger entries?
The answer is:
- A. Option B
- B. Option D
- C. Option C
- D. Option A
Correct Answer: C 🗳️
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