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CIMA Updated BA3 Exam Questions and Answers by kaylan

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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: kaylan
Question 44

Refer to the Exhibit.

Questions 44

A business banks its takings for the week. The bank account at the start of the week shows an overdraft

Which of the following is the dual effect?

Options:

A.

A

B.

B

C.

C

D.

D

Discussion
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Question 45

The accounting concept which states that non-current assets should be valued at cost (or valuation) less accumulated depreciation, rather than their saleable value in the event of closure, is the.

Options:

A.

Net realisable value concept

B.

Realisation concept

C.

Prudence concept

D.

Going concern concept

Discussion
Question 46

A trader commenced business with capital of $20,000. At the end of the financial year he had receivables of $10,000, payables of $6,000, inventory of $12,000, cash of $4,000 and non-current assets costing $16,000.

The profit/loss for the period was:

Options:

A.

$16,000 profit

B.

$16,000 loss

C.

$8,000 profit

D.

$8,000 loss

Discussion
Question 47

A company which is VAT registered, has sales for the period of $28,450 (excluding VAT) and purchases (including VAT) for the period of $14,687.50.

The balance on the VAT account, assuming all items are subject to VAT at 17.5%, is:

Options:

A.

$2,408.44 debit

B.

$2,408.44 credit

C.

$2,791.25 debit

D.

$2,791.25 credit

Discussion
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