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CIMA Certificate Fundamentals of financial accounting

Fundamentals of financial accounting

Last Update Apr 2, 2025
Total Questions : 393

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Questions 2

Accounting standards are used to produce the financial statements of all business entities.

Which ONE of the following best describes why accounting standards are needed?

Options:

A.  

To provide information for tax purposes

B.  

To provide information required by law

C.  

To provide information that fairly represents the performance and position of the entity

D.  

To provide information for shareholders

Discussion 0
Questions 3

A company has receivables of $60,000, which represents 60 payables days, and payables of $45,000, which represents 45 payables days.

What would be the effect on cash, if receivable days and payables days were reduced to 55 days and 40 days respectively?

Options:

A.  

An increase of $10,000

B.  

A reduction of $10,000

C.  

An increase of $5,000

D.  

No effect

Discussion 0
Questions 4

ABC produces accounts to the year ended 31 December annually Extracts from the most recent financial statements are.

Questions 4

Which of the following ratios is a liquidity ratio?

Options:

A.  

Debt/Equity x 100%

B.  

Operating profit/Capital employed x 100%

C.  

Revenue/Capital employed

D.  

Current assets/Current liabilities

Discussion 0
Questions 5

Company X wants to find the total of all the transactions from its sales account. Where should Company Xlook?

Options:

A.  

Sales control account

B.  

Sales ledger

C.  

Memorandum account

Discussion 0
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