Free CIMA BA3 Practice Exam with Questions & Answers | Set: 2

Refer to the Exhibit.

The sales day book for the last month, appeared as follows:

The entries which should be made in the ledger accounts are:

The answer is:

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.

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?

Refer to the Exhibit.

A business writes a cheque using its overdraft balance to purchase new display shelving for its showroom

Which of the following is the dual effect?

A decrease in the allowances for receivables would result in:

A company uses the reduced balance method of depreciation for its company vehicles. The vehicles are depreciated at a rate of 30% per annum.

On 31 March 2003 the company purchased a number of vehicles with a total cost of $200,000. The company's year-end is 31 December and it is company policy to charge a full year's depreciation in the year of acquisition.

The carrying value of the vehicles at 31 December 2006 will be

In a cash flow statement, which one of the following would not be found under the section "cash flows from financing activities"?

Different users have different needs from financial information. One of which is to assess how effectively management is performing and how much profit will be available to be distributed.

Which of the following users will have this need for information?

An extract from PQ's statement of profit or loss for the year ended 31 March 20X6 is shown below:

What is the mark-up percentage that PQ applies in arriving at its selling price? Give your answer to one decimal place

Office equipment store Officework Ltd has made the following purchase from supplier GX:

50 printers costing £3,500 £6,400

worth ofA4 paper £101,500

worth of general stationary

This purchase has been made on credit. Which TWO of the following show how the transaction should be recorded in Officework Ltd's documents?