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CIMA Updated BA3 Exam Questions and Answers by jennifer

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CIMA BA3 Exam Overview :

Exam Name: Fundamentals of financial accounting
Exam Code: BA3 Dumps
Vendor: CIMA Certification: CIMA Certificate
Questions: 393 Q&A's Shared By: jennifer
Question 20

Which of the following best explains what is meant by "capital expenditure"?

Options:

A.

Expenditure on the improvement and maintenance of non-current assets

B.

Expenditure incurred in the raising of capital

C.

Expenditure on the acquisition of non-current assets

D.

Depreciation charges on non-current assets

Discussion
Question 21

On 1 January 2001, a company owed a supplier £840.

During the month of January the company purchased goods for £1400 and returned goods valued at £200. A payment of £200 was made towards the outstanding balance. The supplier offered a discount of 5% on purchases.

The balance on the supplier's account at the end of the period is:

Options:

A.

£100 credit

B.

£1780 credit

C.

£1780 debit

D.

£100 debit

Discussion
Question 22

Refer to the Exhibit.

Questions 22

A company operates a FIFO system of inventory valuation. Opening inventory at the beginning of the period was 200 units @ £2.80 each. During the period the following movements of inventory were recorded.

The value of the closing inventory at the end of the period and amount charged to the income statement were:

Options:

A.

Closing inventory £360.00 Income statement £2255.00

B.

Closing inventory £360.00 Income statement £1895.00

C.

Closing inventory £357.50 Income statement £1897.50

D.

Closing inventory £360.00 Income statement £1695.00

Discussion
Question 23

The trial balance shows the debit total as $200 less than the credit total.

This could be due to:

Options:

A.

Entering $100 received from a customer on the debit side of the trade receivable's account

B.

Entering $100 received from a customer on the credit side of the trade receivable's account

C.

Under casting the sales daybook by $200

D.

Under casting the purchases daybook by $200

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