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CIMA BA3 Exam With Confidence Using Practice Dumps

Exam Code:
BA3
Exam Name:
Fundamentals of financial accounting
Certification:
CIMA Certificate
Vendor:
CIMA
Questions:
393
Last Updated:
Nov 14, 2026
Exam Status:
Stable
CIMA BA3

BA3: CIMA Certificate Exam 2025 Study Guide Pdf and Test Engine

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Fundamentals of financial accounting Questions and Answers

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Question 1

A company which is VAT-registered receives an invoice for goods purchased for resale totaling $2,585 from a supplier that is not VAT-registered. VAT is at the rate of 17.5%.

The correct entry to record the invoice is:

A)

B)

C)

D)

Options:

A.

Exhibit A

B.

Exhibit B

C.

Exhibit C

D.

Exhibit D

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Question 2

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?

Options:

A.

$6,500 debit

B.

$42,500 credit

C.

$375 debit

D.

$36,375 credit

Question 3

Accounting codes have proven to be very useful when recording business transactions.

Which THREE of the following does a coding system help to do?

Options:

A.

Reduce the number of transactions recorded

B.

Improve the quality of reports

C.

Reduce time taken to analyze transaction

D.

Take away the need for books of prime entry

E.

Combine roles for the receivables and payables ledger

F.

Extract balances for suppliers and customers

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