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CIMA BA3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statements Preparation | - Accruals and prepayments adjustments - Income statement and statement of financial position |
| Topic 2: Accounting Adjustments and Controls | - Non-current assets and depreciation - Errors and suspense accounts - Inventory valuation and adjustments |
| Topic 3: Accounting Fundamentals and Principles | - Double-entry bookkeeping system - Basic accounting concepts and principles |
| Topic 4: Recording Financial Transactions | - Ledger accounts and trial balance preparation - Control accounts and reconciliations |
CIMA Fundamentals of Financial Accounting Sample Questions:
Select the THREE INCORRECT statements from the following list of statements about memorandum accounts:
- A. A memorandum account is a daybook
- B. A memorandum account is part of the nominal ledger
- C. A memorandum ledger is an account that is not part of the bookkeeping system as a whole
- D. All transactions in a memorandum account have to be balanced with a corresponding entry in the nominal ledger
Correct Answer: A,B,D 🗳️
Which of the following are possible reason for a credit balance on the sales ledger account of a customer?
(a) A contra entry between the sales ledger and the purchase ledger has been carried out for an amount in excess of the sales ledger balance (b) A customer has returned goods subsequent to making payment for them (c) A credit note has been issued in error (d) A bad debt written off has subsequently been paid
- A. (a) and (b) only
- B. (b), (c) and (d) only
- C. (a) and (c) only
- D. All of the above - (a), (b), (c) and (d)
Correct Answer: D 🗳️
Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is
Correct Answer:
$1432
Refer to the Exhibit.
At the beginning of the month, an organization had opening inventory of 30 units of a product, valued at £3.00 each. During the month, it had inventory movements, occurring on the following dates:
Using the FIFO method of inventory valuation, the closing inventory at the end of the month was:
Give your answer to 2 decimal places.
Correct Answer:
£21.08
Which of the following is the correct double entry for a prepayment?
- A. Debit expense Credit prepayment (current asset)
- B. Debit prepayment (current liability) Credit expense
- C. Debit prepayment (current asset) Credit expense
- D. Debit expense Credit prepayment (current liability)
Correct Answer: A 🗳️
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