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BA3 Exam Dumps - CIMA Certificate Questions and Answers

Question # 4

Internal controls can be split between detect controls and prevent controls.

Which THREE of the following are prevent controls?

Options:

A.

Bank reconciliations

B.

Checking invoices to goods received notes

C.

Checking delivery notes to invoices

D.

Signing goods received notes

E.

Physical inventories

F.

Recording all transactions

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Question # 5

It underpins all accounting standards and provides the platform from which all future standards will be developed.

Which ONE of the following is described above?

Options:

A.

The Companies Act

B.

The Framework

C.

The European Union

D.

The International Financial Reporting Interpretation Committee

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Question # 6

Which TWO of the following statements are correct?

Options:

A.

Ordinary shares carry compulsory dividends

B.

Ordinary shares carry voting rights

C.

Preference shares carry voting rights

D.

Preference shares are the lowest priority when winding up

E.

Preference shares usually carry a fixed dividend

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Question # 7

Andrew is valuing the closing inventory at the lower of cost and net realizable value.

Which of the following concepts dictates his choice?

Options:

A.

Materiality concept

B.

Money measurement concept

C.

Accrual concept

D.

Prudence concept

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Question # 8

The balance on LMN's cash account at 31 December 20X6 is $108,000 (debit) On performing the monthly bank reconciliation the following is discovered.

• a payment of $2,000 made to a supplier has not yet appeared on the bank statement,

• an automated receipt from a customer for $5,000 has not yet been recorded in the cash book, and

• a pigment to a supplier of $1,500 was incorrectly recorded in the cash book as $1,050

The balance showing on the bank statement at 31 December 20X6 is

Options:

A.

$111,450

B.

$101,450

C.

$114,550

D.

$104,550

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Question # 9

Accounting standards and company law both influence how assets and liabilities ate classified and presented in financial statements

An amount owing at the year end, due for repayment more from one year from the date that the statement of financial position is being prepared, will be

classified under which of the following headings?

Options:

A.

Non-current liability

B.

Current liability

C.

Capital

D.

Non-current asset

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Question # 10

In internal auditing, detection of fraud is an important objective. The auditors will best be able to detect frauds if they are knowledgeable in the most common methods of fraud.

Which THREE of the following are common methods of fraud?

Options:

A.

Ghost employees

B.

Taking stationary home

C.

Teeming and lading

D.

Using a company car for personal use

E.

Collusion with external parties

F.

Using company phones for private calls

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Question # 11

The following is an extract of the trial balance of XYZ as at 31 December 20X7

What is the total value of assets to be included in the statement of financial position? Give your answer to the nearest $

Options:

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Question # 12

A company had disposed of a non-current asset for $4,000 during the financial year. The asset had an original cost of $24,000 and a loss on disposal of $2,000 was recorded in the accounts.

The accumulated depreciation for the non-current asset was $

Options:

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Question # 13

W and Partners has an opening capital balance at 1 January of £14,640 credit.

During the period there was an increase in assets of £6,820 and an increase in liabilities of £5,400.

The balance on the capital account at the end of the period is:

Options:

A.

£16,060 credit

B.

£1,420 credit

C.

£13,220 credit

D.

£1,420 debit

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Exam Code: BA3
Exam Name: Fundamentals of financial accounting
Last Update: Mar 29, 2025
Questions: 393
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