Most Recent CIMAPRA17-BA3-1 Exam Questions & Answers

Prepare for the CIMA BA3 - Fundamentals of Financial Accounting exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the CIMAPRA17-BA3-1 exam and achieve success.

The questions for CIMAPRA17-BA3-1 were last updated on Nov 17, 2024.

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Question No. 1

There are four separate but related bodies which control the setting of International accounting standards (IFRS's).

Which THREE of the following are included in the standard setting process?

AInternational Accounting Standards Board (IASB)

BAccounting Standards Board (ASB)

CInternational Financial Reporting Interpretations Committee (IFRIC)

DChartered Institute of Management Accountants (CIMA)

EFinancial Accounting Standards Board (FASB)

FInternational Accounting Standards Committee Foundation (IASCF)

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Correct Answer: A, C, F

Question No. 2

Which ONE of the following statements is true?

AIt is the responsibility of the internal auditors to detect fraud

BIt is the responsibility of the external auditors to detect fraud

CIt is the responsibility of the management to detect fraud

DIt is the responsibility of the shareholders to detect fraud

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Correct Answer: A

Question No. 3

Which THREE of the following internal controls are procedures to help detect errors?

ASpot checks

BSegregation of duties

CAuthorization procedures

DSafeguarding assets

EComparison of records with external evidence

FReconciliations

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Correct Answer: A, E, F

Question No. 4

Which one of the following internal controls is designed to prevent errors and fraud?

AConfirmation of payables balances with suppliers.

BRequiring cheques over a certain amount to be signed by two signatories.

CBank reconciliations.

DExternal audit.

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Correct Answer: B

Question No. 5

Refer to the exhibit.

In a statement of cash flows, which three of the following would be found under the section "cash flows from investing activities"?

AA, D and F

BB, C and E

CC, D and E

DA, B and F

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Correct Answer: B

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