CIMA BA3 - Fundamentals of financial accounting

If the royalty cost falls on items used in the manufacturing process, which TWO of the following would be true?

The purpose of the external audit is the examination of, and expression of opinion on the financial statements of an entity.

What is the purpose of internal audits?

JW's debits total £10,502 for this period. JW's credits total £8,940.

What amount does JW's accountant need to include in the company's suspense account to make the transactions balance?

Which TWO of the following are treated as statutory deductions from an employee's gross salary?

At 1 June 20X9 XY has opening inventory of 80 units at a cost of $7.60 each XY purchases the following units during the month of June:

During June 20X9, XY sold 250 units at a price of $15.00 each XY uses the first in. first out (FIFO) method of inventory valuation What is the value of XYs closing inventory at 30 June 20X9? Give your answer to the nearest $.

The financial accounts, as prepared by the directors of a company, are required to show a 'true and fair view'. This means that:

Refer to the Exhibit.

Your firm has the following manufacturing figures:

Closing work in progress is

Refer to the exhibit.

The following is an extract from the trial balance of a business for its most recent year:

Gross profit has already been calculated as being $75,000. Depreciation is to be provided at 25% on the reducing balance, and the allowance for receivables for doubtful debts is to be amended to 5% of receivables.

Using some or all of the above figures, the correct net profit is

The main aim of financial accounting is to:

Refer to the Exhibit.

Ax minster Limited is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. The current allowance for receivables is $28,600 and it is estimated that this needs to be raised to $30,400. There are also bad debts of $3,600 which should be written off.

Which is the correct entry to be made to the accounts to record these transactions?

The correct entry to be made to the accounts to record these transactions is: