BA3 Dumps 2021 - New CIMA BA3 Exam Questions
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NEW QUESTION 37
Refer to the exhibit.
In a statement of cash flows, which three of the following would be found under the section "cash flows from investing activities"?
- A. C, D and E
- B. B, C and E
- C. A, D and F
- D. A, B and F
Answer: B
NEW QUESTION 38
An asset may best be defined as:
- A. An obligation to transfer economic benefits as a result of past transactions or events
- B. A resource which may be used to derive income in the future
- C. A person or entity to whom money is owed by the business
- D. The amount of money invested in the business by the shareholders
Answer: B
NEW QUESTION 39
UVW is preparing its manufacturing account for the year ended 30 June 20X7 The following information is available:
What is UVWs prime cost for year ended 30 June 20X7?
- A. $389,000
- B. $344,000
- C. $352,000
- D. $397,000
Answer: C
NEW QUESTION 40
The Framework is described as a conceptual framework when used in the creation of new accounting standards.
Which ONE of the following describes the approach of the Framework?
- A. Rules based
- B. Regulatory
- C. Statutory
- D. Principles based
Answer: D
NEW QUESTION 41
Refer to the exhibit.
Jordan has the following assets and liabilities at 1 January:
What is the capital balance at 1 January?
- A. $18,000
- B. $38,000
- C. $22,000
- D. $14,000
Answer: C
NEW QUESTION 42
It underpins all accounting standards and provides the platform from which all future standards will be developed.
Which ONE of the following is described above?
- A. The European Union
- B. The Framework
- C. The Companies Act
- D. The International Financial Reporting Interpretation Committee
Answer: B
NEW QUESTION 43
A business has expanded rapidly during the current year. As a result the accounting records have been building up and the management accountant is having problems producing reports for each department head.
Which of the following would be the best solution if introduced?
- A. Prepare fewer reports
- B. Extra working hours
- C. Department head produce their own reports
- D. Accounting codes
Answer: D
NEW QUESTION 44
A decrease in the allowances for receivables would result in:
- A. An increase in working capital
- B. A decrease in net profit
- C. An increase in liabilities
- D. A decrease in working capital
Answer: A
NEW QUESTION 45
Which of the following statements concerning the statements of cashflows are INCORRECT?
- A. Statements of cash flow allow users to identify cash flow issues
- B. They are the same as statements of comprehensive income
- C. They are primary financial statements
- D. They only deal with payment and receipt of money
- E. Companies with a negative cash flow shown in cash flow statements cannot be profitable
Answer: B,E
NEW QUESTION 46
Fraud will only be prevented successfully if potential fraudsters perceive the risk of detection as high.
Which THREE of the following are ways to prevent fraud?
- A. Maintaining books of prime entry
- B. Surprise audit visits
- C. Regular reconciliations
- D. Computerized accounting systems
- E. Sufficient internal control systems
- F. Continuous supervision of all employees
Answer: B,E,F
NEW QUESTION 47
Refer to the Exhibit.
Accounting information is required for a wide range of users both internal and external. Each user has a different need for the information.
Which of the following is the correct combination of user and need?
- A. D
- B. B
- C. A
- D. C
Answer: D
NEW QUESTION 48
Refer to the Exhibit.
Your organization uses the Weighted Average Cost method of valuing inventory.
During a particular month, the following inventory details were recorded:
The value of the inventory at the end of the month was
Answer:
Explanation:
£3596
NEW QUESTION 49
AB commenced trading on 1 January 20XS. introducing $50,000 cash and $15,000 of assets to the business.
The profit earned and retained in the business for the year ended 31 December 20X6 was $160,000. AB's closing capital at 31 December 20X5 was $190,000.
What is the value of AB's drawings for the year ending 31 December 20X5?
- A. $20,000
- B. $135,000
- C. $95,000
- D. $35,000
Answer: D
NEW QUESTION 50
Refer to the exhibit.
The following is an extract from the trial balance of a business for its most recent year:
Gross profit has already been calculated as being $75,000. Depreciation is to be provided at 25% on the reducing balance, and the allowance for receivables for doubtful debts is to be amended to 5% of receivables.
Using some or all of the above figures, the correct net profit is
Answer:
Explanation:
$29499
NEW QUESTION 51
Which of the following are examples of indirect costs for a chocolate manufacturing business?
- A. Factory insurance
- B. Factory supervisor wages
- C. Factory rent
- D. Purchase of milk
- E. Purchase of cocoa
Answer: A,B,C
NEW QUESTION 52
Which TWO of the following statements are correct?
- A. Preference shares are the lowest priority when winding up
- B. Preference shares usually carry a fixed dividend
- C. Ordinary shares carry voting rights
- D. Ordinary shares carry compulsory dividends
- E. Preference shares carry voting rights
Answer: B,C
NEW QUESTION 53
An organization restores its petty cash balance to £350 at the end of each month.
During October, the total expenditure column in the petty cash book was calculated as being £310, and hence the impress was restored by this amount. The analysis columns, which had been posted to the nominal ledger, totaled only £300.
This error would result in:
- A. The petty cash balance being £10 lower than it should be
- B. The trial balance being £10 higher on the credit side
- C. No imbalance in the trial balance
- D. The trial balance being £10 higher on the debit side
Answer: B
NEW QUESTION 54
Refer to the Exhibit.
Which of the following balances normally result from the double-entry system of book-keeping?
The answer is:
- A. Option B
- B. Option D
- C. Option C
- D. Option A
Answer: A
NEW QUESTION 55
A trial balance should be extracted from the ledger accounts prior to preparing the final accounts because:
- A. It provides a summary of assets and liabilities
- B. It confirms the arithmetical accuracy of the entries made in the ledger accounts
- C. It shows where errors have been made
- D. It proves that the entries made in the ledger accounts are all correct
Answer: B
NEW QUESTION 56
Accounting codes are often used within a business.
Which of the following would describe the reason for this?
- A. To ensure all transaction are listed in a logical order
- B. To ensure transactions are recorded in date order
- C. To group like transactions to generate useful information
- D. To group transactions on the same date
Answer: C
NEW QUESTION 57
Which of the following does not necessarily need to be true for something to be treated as an asset in an entity's statement of financial position?
- A. It has arisen as a result of a past transaction or event
- B. The right of access to it is controlled by the entity
- C. It is legally owned by the entity
- D. It has probable future economic benefit
Answer: C
NEW QUESTION 58
Which one of the following would not be considered one of the roles of a Financial Accountant?
- A. Preparation of statement of cash flows
- B. Preparation of annual budgets
- C. Reconciliation of ledger accounts
- D. Recording of financial transactions
Answer: B
NEW QUESTION 59
Refer to the Exhibit.
Transactions are often categorized between capital and revenue
Which of the following combinations are correct?
- A. D
- B. A
- C. C
- D. B
Answer: D
NEW QUESTION 60
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