CIMAPRA17-BA3-1 Practice Questions| TestInsights

Question 1

AB wrote off a $500 debt owed by CD last year During the current year CD has paid the $500 in full AB has debited the bank account with S500.

Where would the credit entry for this receipt be recorded?

AAllowance for receivables

BIrrecoverable debts expense

CSates ledger control account

DReceivables account of CD

Correct : B

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AAllowance for receivables

BIrrecoverable debts expense

CSates ledger control account

DReceivables account of CD

Question 2

DEF has the following equity balances at 1 June 20X7.

On 30 June 20X7 DEF issued 200.000 new shares at their full market price of $1 75.

What are the equity balances of DEF after issuing these shares?

AOption A

BOption B

COption C

DOption D

Correct : A

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AOption A

BOption B

COption C

DOption D

Question 3

MNO operates an imprest system to maintain a float of petty cash of 5100 At the end of the week the petty cash expense vouchers total $76 and there is $36 cash in the float. Which of the following, taken independently, would explain this difference of $10?

AThe total of the expense vouchers has been overstated by $10

B$10 expense has been paid for which there is a missing expense voucher

CA $20 bill has been counted as a $10 bill in the float

DA $10 receipt from an employee has not been added to the float

Correct : A

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AThe total of the expense vouchers has been overstated by $10

B$10 expense has been paid for which there is a missing expense voucher

CA $20 bill has been counted as a $10 bill in the float

DA $10 receipt from an employee has not been added to the float

Question 4

Accounting standards and company law both influence how assets and liabilities ate classified and presented in financial statements

An amount owing at the year end, due for repayment more from one year from the date that the statement of financial position is being prepared, will be

classified under which of the following headings?

ANon-current liability

BCurrent liability

CCapital

DNon-current asset

Correct : A

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ANon-current liability

BCurrent liability

CCapital

DNon-current asset

Question 5

Which of the following would meet the definition of a liability in accordance with the Conceptual Framework's definition?

AAn amount due from a customer for goods dispatched two weeks ago

BAn amount due to a supplier for goods to be purchased in one month's time

CAn amount which was paid to a supplier in relation to a dispute

DAn amount due to a supplier for goods purchased one month ago

Correct : B

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AAn amount due from a customer for goods dispatched two weeks ago

BAn amount due to a supplier for goods to be purchased in one month's time

CAn amount which was paid to a supplier in relation to a dispute

DAn amount due to a supplier for goods purchased one month ago

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