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CIMA BA3 Exam
Fundamentals of Financial Accounting (Page 3 )

Updated On: 1-Feb-2026
Page 3 of 80
PDF with 393 Questions

Which TWO of the following statements are correct?

  1. Ordinary shares carry compulsory dividends
  2. Ordinary shares carry voting rights
  3. Preference shares carry voting rights
  4. Preference shares are the lowest priority when winding up
  5. Preference shares usually carry a fixed dividend

Answer(s): B,E



Accounting records should be kept by all businesses for many reasons.

Which THREE of the following are reasons for keeping accounting records?

  1. Aids the efficient running of a business
  2. Indicates how successfully managers are performing
  3. To aid the application of bank loans
  4. To reassure employees
  5. Provides information about the resources and activities of a business
  6. In case of potential takeovers

Answer(s): A,B,E



CORRECT TEXT

CC is preparing its bank reconciliation, and has the following information:


What will the bank balance be, as presented in the statement of financial position, once the necessary adjustments have been made''

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: $2025



If a profitable entity is not required to register for sales tax with its local tax authority, which of the following statements is TRUE?

  1. A sales tax receivable account will be prepared in the nominal ledger
  2. Sales tax will not be added to the sales price of goods invoiced to customers
  3. Sales tax will not be added to the cost of goods and expenses supplied
  4. Profit for the year will be reported net of sales tax.

Answer(s): C



On 1 April 2006, a company was owed $13,560 by a customer. During the month of April the customer purchased goods for $6,800 and returned goods valued at $1,200. A cheque for $8,480 was received from the customer but was subsequently dishonored by the bank. The balance on the customer's account at the end of the month is:

  1. $20,360
  2. $19,160
  3. $10,680
  4. $11,880

Answer(s): B



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