CIMAPRA17-BA3-1-ENG Dumps CIMAPRA17-BA3-1-ENG Braindumps CIMAPRA17-BA3-1-ENG Real Questions CIMAPRA17-BA3-1-ENG Practice Test CIMAPRA17-BA3-1-ENG Actual Questions CIMA CIMAPRA17-BA3-1-ENG BA3 - Fundamentals of Financial Accounting https://killexams.com/pass4sure/exam-detail/CIMAPRA17-BA3-1-ENG Question: 74 The valuation of inventory in a manufacturing company will consist of: A . Direct material and direct labor only B . Direct material, direct labor and direct expenses only C . All direct costs plus a share of production overheads D . All direct costs plus a share of production and non-production overheads Answer: C Question: 75 Which one of the following book-keeping errors does not affect the view given by the financial accounts? A . An error of omission B . An error of commission C . An error of principle D . An error of original entry Answer: B Question: 76 IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this? A . Purchases are overstated B . Closing inventory is understated. C . Cost of sales are understated D . Gross profit is overstated Answer: B Question: 77 5 times Answer: B Question: 78 Refer to the Exhibit. John, an employee of Kelt Ltd, earns gross wages for a week of £425.76. Income tax is deducted at a rate of 25% on all earnings in excess of £85.00 per week and he is also liable to pay National Insurance contributions of 9% of his total earnings. Employers national insurance contributions are at a rate of 10.5%. What are the correct ledger entries in the accounts of Kelt Ltd? The answer is: A . Option A B . Option B C . Option C D . Option D Answer: A Question: 79 DEF prepares its financial statements to 30 September each year On 1 March 20X5 DEF acquires an office and immediately rents it to a tenant charging $2,400 a quarter payable in advance. The tenant pays $2,400 on each of the following days 1 March 20X5, 6 June 20X5, 4 September 20X5 and 1 December 20X5. What is the liability reported in the statement of financial position relating to the rent at 30 September 20X5? A . $7,200 B . $1,600 C . $4,000 D . $5,600 Answer: D Question: 80 Which ONE of the following does the Statement of Cash Flows show: A . The assets, equity and liabilities of a business B . The revenue and expenses of a business over a period of time C . The cash usage of a business over a period of time D . Notes to go with the statements that explain the practices used Answer: C Question: 81 Company X is a private limited oil company. Which of the following are relevant for Company X’s integrated report? A . Risk of oil prices falling B . Risk of share prices falling C . Risk posed by competing oil companies and sustainable energy sources D . Need for report to be concise Answer: A,C,D Question: 82 Which of the following transactions would be classified as a revenue transaction? A . Purchase of plant and machinery B . Issue of share capital C . Payments made to trade payables D . Purchase of inventory for resale Answer: D Question: 83 Refer to the Exhibit. Which of the following items should be included in the valuation of inventory in a manufacturing company? A . A, C and F B . B, D and E C . A, C, D and E D . B, D, E and F E . A, C, D, E and F F . A, B, D, E and F Answer: E Question: 84 The Framework is described as a conceptual framework when used in the creation of new accounting standards. Which ONE of the following describes the approach of the Framework? A . Rules based B . Principles based C . Statutory D . 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