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CIMA Updated BA3 Exam Questions and Answers by rudi

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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: rudi
Question 40

M Ltd owns property costing $80,000 ($50,000 for the land and $30,000 for the building).

The company's accounting policy is to depreciate buildings at the rate of 5% per annum on the straight-line basis.

After five years, what is the net book value of freehold land and building in the financial accounts of M Ltd?

Options:

A.

$87,500

B.

$72,500

C.

$60,000

D.

$78,500

Discussion
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Question 41

Which one of the following best describes the stewardship function?

Options:

A.

Maximizing profits

B.

Ensuring the recording, controlling and safeguarding of assets

C.

Managing cash

D.

Carrying out an external audit

Discussion
Question 42

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?

Options:

A.

The journal entry to record the cost is Dr Asset $120,000 and Cr Bank $120,000 The five year useful life is recorded

B.

There is no journal entry but the cost of $120,000, the five year useful life and estimated residual value of $12 000 are recorded

C.

There is no journal entry but the cost of $120,000 and the five year useful life are recorded

D.

The journal entry to record the cost is Dr Asset $120,000 and Cr Bank $120,000 The five year useful life and estimated residual value of $12,000 are recorded

Discussion
Question 43

The accumulated fund is equal to:

Options:

A.

The book value of net assets in a not-for-profit organization

B.

The bank balances of an organization

C.

The excess of receipts over payments in a not-for-profit organization

D.

Retained profits in a limited company

Discussion
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