Free CIMA BA3 Practice Exam with Questions & Answers | Set: 3

A company issues $100,000 12% Loan stock (debentures) on 1 July when the year end is 31 December

The finance cost to be charged to the income statement in year 1 is $

Accounting standards are used to produce the financial statements of all business entities.

Which ONE of the following best describes why accounting standards are needed?

A company had a gross profit margin of 40%. Sales for the period were $280,000 and opening and closing inventories were $18,000 and $16,000 respectively.

Purchases for the period were therefore

Which THREE of the following are characteristics of financial accounting?

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.......

Company H receives a 10% discount on its order from supplier GD. Which ONE of the following does the discounted amount count as for Company H?

An error of commission occurs where.

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)

Refer to the Exhibit.

The following information is given at a manufacturer's year end:

Using some or all of the above figures, the correct figure for factory cost of goods completed is:

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?