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CIMA BA3 Exam Syllabus Topics:

CIMA Fundamentals of Financial Accounting Sample Questions:

Question 1

Which ONE of the following organizations issues International Accounting Standards (IFRS's)?

A. International Financial Reporting Interpretation Committee (IFRIC)
B. International Accounting Standards Board (IASB)
C. Standards Advisory Council (SAC)
D. International Accounting Standards Committee Foundation (IASCF)

Question 2

Cost of goods sold for a manufacturing company is the total of

A. prime costs + production overheads - opening work in progress + closing work in progress - opening inventories of finished goods + closing inventories of finished goods
B. prime costs + production overheads + opening work in progress - closing work in progress + opening inventories of finished goods - closing inventories of finished goods
C. prime costs + production overheads + opening inventories of raw materials - closing inventories of raw materials + opening work in progress - closing work in progress + opening inventories of finished goods
- closing inventories of finished goods
D. prime costs + production overheads + opening inventories of raw materials - closing inventories of raw materials + opening work in progress - closing work in progress

Question 3

After calculating your company's profit for the year, you discover that:
(a) A non-current asset costing £2,000 has been included in the purchases account; the asset has not been included in the closing inventory figure; nor has it been depreciated by the normal 25% per annum (b) Closing inventory of raw materials, costing £500, have been treated as closing inventory of stationery.
These two errors have had the effect of.

A. Understating gross profit by £2,500 and understating net profit by £1,500
B. Understating gross profit by £2,000 and understating net profit by £2,500
C. Understating both gross profit and net profit by £1,500
D. Understating both gross profit and net profit by £2,500

Question 4

Refer to the exhibit.

A company has the following current assets and liabilities at its most recent year end:
When measured against standard acceptable levels for liquidity, the company can be said to have:

A. Ideal current and acid test ratios
B. An ideal current ratio, but a low acid test ratio
C. A high current ratio and a low acid test ratio
D. An ideal acid test ratio, but a high current ratio

Question 5

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:

A. Commission
B. Omission
C. Original entry
D. Principle

Solutions: