Free CIMA BA3 Practice Exam with Questions & Answers | Set: 8

Internal controls can be split between detect controls and prevent controls.

Which THREE of the following are prevent controls?

IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this?

Store Y believe customer XF will not be able to pay his £300 debt. Which ONE of the following day books should this 'bad debt' be recorded in?

Refer to the Exhibit.

What is the wages expense for the income statement for month 1?

XYZ's computerized accounting system automatically updates the non-current asset register when additions to property, plant and equipment are made A machine costing $120,000, with a useful life of five years and an estimated residual value of $12,000 is acquired at the year end.

Which of the following statements is correct in relation to the recording of this asset in the non-current asset register?

The Subscriptions Receivable account of a club commenced the year with subscriptions in arrears of £250 and subscriptions in advance of £375.

During the year £62,250 was received in subscriptions, including £200 of the arrears, and £600 for next year's subscriptions. Subscriptions still owing at the end of the year amounted to £180.

The amount to be taken to the Income and Expenditure for the year is

At 1 June 20X9 XY has opening inventory of 80 units at a cost of $7.60 each XY purchases the following units during the month of June:

During June 20X9, XY sold 250 units at a price of $15.00 each XY uses the first in. first out (FIFO) method of inventory valuation What is the value of XYs closing inventory at 30 June 20X9? Give your answer to the nearest $.

Where a transaction is credited to the correct ledger account but debited to the purchases account instead of the fixed asset account, the error is known as an error of:

Refer to the Exhibit.

Double entry forms the basis of financial accounting records.

Which of the following combinations is correct?

Refer to the Exhibit.

An extract of information from K's book of accounts revealed that:

Cash received during the year is