CIMA BA3 - Fundamentals of financial accounting

Which TWO of the following are responsibilities of the IFRS interpretations committee?

Refer to the Exhibit.

The Financial Accountant for a company is preparing the monthly bank reconciliation and has extracted the following information:

The correct cash book balance at the month end will be:

An organization’s cash book has an opening balance in the bank column of $4,850 credit.

The following transactions then took place:

(a) Cash sales of $14,500, including VAT of $1,500.

(b) Receipts from customers of debts of $24,000.

(c) Payments to creditors of debts of $18,000, less 5% cash discount.

(d) Dishonored cheques from customers amounting to $2,500.

The resulting balance in the bank column of the cash book should be:

Which of the following best explains what is meant by "capital expenditure"?

Accounting codes are often used within a business.

Which of the following would describe the reason for this?

Which one of the following statements best describes the usefulness of the income statement account of a company:

Store Y believe customer XF will not be able to pay his £300 debt. Which ONE of the following day books should this 'bad debt' be recorded in?

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?

Jasper has an opening capital balance at 1 January of $84,650 credit. During the period there was an increase in assets of $16,890 and an increase in liabilities of $22,480.

The balance on the capital account at the end of the period is:

FY owns bakery T. Which of the following are examples of FY's liabilities?