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CIMA BA3 Exam
Fundamentals of Financial Accounting (Page 10 )

Updated On: 1-Feb-2026
Page 10 of 80
PDF with 393 Questions

A contra entry is best described as:

  1. An entry made between two customers in the sales ledger
  2. An entry made between two customers in the purchase ledger
  3. An entry made to set off the balances of the same account within the sales ledger and the purchase ledger
  4. An entry made to balance the control account

Answer(s): C



Refer to the Exhibit.



John Taylor commenced business on 1 March 2006, paying $1,000 cash into a business bank account. During the next month the following transactions took place.

The balance on the bank account at the end of the month is:

  1. $700 debit
  2. $700 credit
  3. $1,200 debit
  4. $1,200 credit

Answer(s): C



Which ONE of the following deals with problems that arise with existing accounting standards?

  1. International Accounting Standards Committee Foundation (IASCF)
  2. International Accounting Standards Board (IASB)
  3. Standards Advisory Council (SAC)
  4. International Financial Reporting Interpretation Committee (IFRIC)

Answer(s): D



Which of the following is the final document in the audit trail?

  1. Receipt
  2. Purchase order
  3. Invoice
  4. Credit note

Answer(s): A



CORRECT TEXT
An extract from PQ's statement of profit or loss for the year ended 31 March 20X6 is shown below:



What is the mark-up percentage that PQ applies in arriving at its selling price? Give your answer to one decimal place

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: 56.2%



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