Pass the CIMA Certificate BA3 Questions and answers with ExamsMirror

An asset may best be defined as:

The system of double entry book keeping relies upon accuracy of entries

Which of the following combinations represent credit balances?

ABC has the following summary of transactions for the quarter ended 30 June 20X9 ABC is registered for sales tax at 20%.

At the beginning of the quarter ABC owed $2,300 to the local tax authority.

What is the balance owing to the local tax authority at 30 June 20X97 Give your answer to the nearest dollar.

The sales ledger control account shows a balance of $267,984 whilst the individual customer account balances total $262,856.

Which of the following is a possible explanation for the difference between the two?

(i) A payment has been recorded in the cashbook but not in the sales ledger

(ii) A payment has been recorded in the sales ledger but not in the cashbook

(iii) An invoice has been recorded in the sales ledger but not in the sales day book

(iv) An invoice has been recorded in the sales day book but not in the sales ledger

Which one of the following is an error of commission?

The trial balance shows the debit total as $200 less than the credit total.

This could be due to:

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 $

Refer to the exhibit.

The following book-keeping errors were discovered:

1. A cheque for £900 received from a receivable, after deduction of 10% cash discount, had been correctly entered in the bank account and discounts allowed accounts, but only the actual amount received had been entered in the receivable's account

2. An invoice for £940, including VAT at 17.5%, had been correctly recorded in the purchases and VAT accounts, but only the net goods value had been entered into the payable's account.

Which of the following options provides the entries necessary to correct the above errors?

The answer is:

A payment to a supplier has been credited to the supplier's account and debited to the bank account.

This would result in

DE has the following incomplete non-current register extract at 301 at December 20X7:

What is the useful economic life (UEL) (in years) of this asset which should be entered into the non-current asset register?