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 Jan 19, 2025.

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Question No. 1

In times of rising prices, the historical cost convention results in:

AAssets and profits being overstated

BAssets and profits being understated

CAssets being overstated and profits being understated

DAssets being understated and profits being overstated

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Correct Answer: D

Question No. 2

A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It is estimated that the gas bill for the following quarter will be a similar amount.

What will be the amount of the accrual shown in the accounts at 30 November 2006?

A$5,300

B$3,400

C$3,800

D$4,900

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Correct Answer: A

Question No. 3

In times of rising prices, the 'FIFO' method of inventory valuation, when compared to the 'Average Cost' method of inventory valuation, will usually produce:

AA lower profit and a lower closing inventory value

BA lower profit and a higher closing inventory value

CA higher profit and a lower closing inventory value

DA higher profit and a higher closing inventory value

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Correct Answer: D

Question No. 4

An accounting system should provide an audit trail for all its transactions

Which of the following describes an audit trail?

AProvision of a complete history of any given financial transaction

BA timetable of deadlines of the audit

CA review of the audit process completed

DThe planned audit process

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Correct Answer: A

Question No. 5

Which one of the following statements is true?

AExpenses accrued are current assets

BDepreciation is an example of an accrued expense

CExpenses accrued are deducted from the figure in the trial balance in arriving at the income statement charge for that item

DExpenses accrued decrease the profit of an organization

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Correct Answer: D

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