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CIMA Certificate BA3 Syllabus Exam Questions Answers

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Question 56

A liability may best be defined as:

Options:

A.

An obligation to transfer economic benefits as a result of past transactions or events

B.

A resource which may be used to derive income in the future

C.

A person or entity owing money to the business

D.

The amount of money withdrawn from the business by the owners

Question 57

Refer to the exhibit.

Harvey commenced business with capital of $50,000. At the end of the first financial year, he has

What was the profit for the period?

Options:

A.

$7,000 profit

B.

$7,000 loss

C.

$23,000 profit

D.

$23,000 loss

Question 58

The formula for calculating payables days is

Options:

A.

cost of goods sold divided by payables x 365

B.

payables divided by purchases x 365

C.

purchases divided by payables x 365

D.

payables divided by cost of goods sold x 365

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Exam Code: BA3
Exam Name: Fundamentals of Financial Accounting
Last Update: May 2, 2024
Questions: 393
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