Free BA3 Exam braindumps download (BA3 exam dumps Free)

QUESTION: 86

Accounting standards are used to produce the financial statements of all business entities.

Which ONE of the following best describes why accounting standards are needed?

To provide information for tax purposes
To provide information required by law
To provide information that fairly represents the performance and position of the entity
To provide information for shareholders

Answer(s): C

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QUESTION: 87

Which one of the following is an error of principle?

A gas bill credited to the gas account and debited to the bank account
The purchase of a non-current asset credited to the asset at cost account and debited to the payable's account
The purchase of a non-current asset debited to the purchases account and credited to the payable's account
The payment of wages debited and credited to the correct accounts, but using the wrong amount

Answer(s): C

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QUESTION: 88

Refer to the Exhibit.

Which of the following would be the opening balance on the bank ledger account?

$479 Debit
$642 Debit
$479 Credit
$642 Credit

Answer(s): A

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QUESTION: 89

A company uses the straight line method of depreciation.

Which TWO of the following are a possible explanation for a profit on disposal?

The actual useful life was less than estimated
The actual useful life was more than estimated
The estimated residual value was lower than actual
The estimated residual value was higher than actual

Answer(s): B,C

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QUESTION: 90

Which THREE of the following items would be classified as "capital transactions"?

Purchase of raw materials
Repayment of bank loan
Electricity consumed in the period
Purchase of a small commercial vehicle
Drawings
Sales on credit to customers

Answer(s): B,D,E

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Free BA3 Exam Braindumps Fundamentals of Financial Accounting Questions 86–90 (page: 19)

QUESTION: 86

QUESTION: 87

QUESTION: 88

QUESTION: 89

QUESTION: 90

Free BA3 Exam Braindumps
Fundamentals of Financial Accounting Questions 86–90 (page: 19)