Free BA3 Exam Braindumps (page: 5)

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CORRECT TEXT

Refer to the Exhibit.



Your organization uses the Weighted Average Cost method of valuing inventory.

During a particular month, the following inventory details were recorded:

The value of the inventory at the end of the month was

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: $3596



There are four separate but related bodies which control the setting of International accounting standards (IFRS's).

Which THREE of the following are included in the standard setting process?

  1. International Accounting Standards Board (IASB)
  2. Accounting Standards Board (ASB)
  3. International Financial Reporting Interpretations Committee (IFRIC)
  4. Chartered Institute of Management Accountants (CIMA)
  5. Financial Accounting Standards Board (FASB)
  6. International Accounting Standards Committee Foundation (IASCF)

Answer(s): A,C,F



A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It is estimated that the gas bill for the following quarter will be a similar amount.

What will be the amount of the accrual shown in the accounts at 30 November 2006?

  1. $5,300
  2. $3,400
  3. $3,800
  4. $4,900

Answer(s): A



In a manufacturing company, prime costs is the total of

  1. Purchases of raw materials + opening inventories of raw materials - closing inventories of raw materials + direct wages + direct expenses + production overheads
  2. Purchases of raw materials + direct wages + direct expenses + production overheads
  3. Purchases of raw materials - opening inventories of raw materials + closing inventories
    of raw materials + direct wages + direct expenses
  4. Purchases of raw materials + opening inventories of raw materials - closing inventories of raw materials + direct wages + direct expenses

Answer(s): D



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