Cisco
CompTIA
ISC
EC-Council
EXIN
Fortinet
ITIL
Juniper
Microsoft
VMware
Avaya
SAP
Google
NVIDIA
Salesforce
Amazon
Palo Alto Networks
ISC2
Splunk
ServiceNow
All Vendors
  2. Home
  3. Exams
  4. CIMA
  5. BA3

CIMA BA3 Exam
Fundamentals of Financial Accounting (Page 11 )

Updated On: 1-Feb-2026
Page 11 of 80
PDF with 393 Questions

CORRECT TEXT

The Subscriptions Receivable account of a club commenced the year with subscriptions in arrears of $250 and subscriptions in advance of $375.

During the year $62,250 was received in subscriptions, including $200 of the arrears, and $600 for next year's subscriptions. Subscriptions still owing at the end of the year amounted to $180.

The amount to be taken to the Income and Expenditure for the year is

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: $61953



Which one of the following best describes the purpose of an external audit of financial statements?

  1. The auditor advises on the use of International Financial Reporting Standards.
  2. The auditor checks the statements for evidence of fraud.
  3. The auditor expresses an opinion on the truth and fairness of the financial statements.
  4. The auditor expresses an opinion on corporate governance issues.

Answer(s): C



DRAG DROP

Complete the formula for depreciation of a revalued asset.

Place the relevant labels in the correct positions below.

  1. See Explanation section for answer.

Answer(s): A

Explanation:



The external auditor seeks to provide an opinion on whether the accounts show a true and fair view.

What is the international term for 'true and fair view'?

  1. Going concern
  2. Prudence
  3. Fair presentation
  4. Completeness

Answer(s): C



Andrew is valuing the closing inventory at the lower of cost and net realizable value.

Which of the following concepts dictates his choice?

  1. Materiality concept
  2. Money measurement concept
  3. Accrual concept
  4. Prudence concept

Answer(s): D



Viewing page 11 of 80
Viewing questions 51 - 55 out of 393 questions



Post your Comments and Discuss CIMA BA3 exam prep with other Community members:

Join the BA3 Discussion