CIMA Certificate Changed BA3 Questions

Fundamentals of Financial Accounting Questions and Answers

Question 33

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:

Reduce the number of transactions recorded

Improve the quality of reports

Reduce time taken to analyze transaction

Take away the need for books of prime entry

Combine roles for the receivables and payables ledger

Extract balances for suppliers and customers

Question 34

In which section of the statement of cash flow would cash from share issues be included? Select one of the following

Statement of cash How for the year ended.......

Options:

Question 35

An invoice for electricity has been debited to the supplier's account and credited to the electricity account. This would result in:

Options:

An overstatement of profit and an overstatement of current liabilities

An overstatement of profit and an understatement of current liabilities

An understatement of profit and an overstatement of current liabilities

An understatement of profit and an understatement of current liabilities

Question 36

The accounting concept which states that non-current assets should be valued at cost (or valuation) less accumulated depreciation, rather than their saleable value in the event of closure, is the.

Options:

Net realisable value concept

Realisation concept

Prudence concept

Going concern concept

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Fundamentals of Financial Accounting Questions and Answers

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