CIMA BA3 - Fundamentals of Financial Accounting CIMAPRA17-BA3-1 Exam Questions

Published accounts must include the following statements:

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

Below are a list of entries from FG's accounts, from the most recent accounting period:

Petty Cash 150 DR

Returns Outwards 310 CR

Purchases 820 DR

Sales 250 CR

FG started the period with a bank balance of 405 DR. The total bank account at the end of period was 1,065 DR

Which of the above items has been omitted from the bank account total?

Which ONE of the following deals with problems that arise with existing accounting standards?

Refer to the Exhibit.

Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required.

In addition, a specific allowance for receivables of $18,640 is also required for two customers who are experiencing cash flow difficulties. There are also two customers who have gone into receivership while owing the company $6,300. The current allowance for receivables is $156,000.

Which is the correct entry to be made to the accounts to record these transactions?

W and Partners has an opening capital balance at 1 January of 14,640 credit.

During the period there was an increase in assets of 6,820 and an increase in liabilities of 5,400.

The balance on the capital account at the end of the period is:

At the beginning of the year, an organization's non-current asset register showed a total net book value for fixed assets of 86,000. The nominal ledger showed non-current assets at cost of 120,000 and provision for depreciation of 39,000.

The disposal of a non-current asset for 10,000, at a profit of 2,000, had not been accounted for in the non-current asset register.

After correcting for this, the net book value shown in the ledger accounts would be