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Free BA3 Exam Braindumps
Fundamentals of Financial Accounting Questions 111–115 (page: 24)

Updated On: 9-Feb-2026
Page 24 of 80
PDF with 393 Questions

Which of the following are examples of indirect costs for a chocolate manufacturing business?

  1. Factory rent
  2. Factory insurance
  3. Factory supervisor wages
  4. Purchase of milk
  5. Purchase of cocoa

Answer(s): A,B,C



Which of the following would meet the definition of a liability in accordance with the Conceptual Framework's definition?

  1. An amount due from a customer for goods dispatched two weeks ago
  2. An amount due to a supplier for goods to be purchased in one month's time
  3. An amount which was paid to a supplier in relation to a dispute
  4. An amount due to a supplier for goods purchased one month ago

Answer(s): B



A purchase of fixed assets was debited to the purchases account.

This resulted in:

  1. An overstatement of profit and an overstatement of fixed assets
  2. An overstatement of profit and an understatement of fixed assets
  3. An understatement of profit and an overstatement of fixed assets
  4. An understatement of profit and an understatement of fixed assets

Answer(s): D



Which of the following is the correct double entry for a prepayment?

  1. Debit expense Credit prepayment (current asset)
  2. Debit prepayment (current liability) Credit expense
  3. Debit prepayment (current asset) Credit expense
  4. Debit expense Credit prepayment (current liability)

Answer(s): A



Which of the following methods of inventory valuation is not acceptable in the UK for financial reporting purposes?

  1. Periodic weighted average
  2. Weighted average
  3. First In First Out (FIFO)
  4. Last in First Out (LIFO)

Answer(s): D



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