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Free BA3 Exam Braindumps
Fundamentals of Financial Accounting Questions 141–145 (page: 30)

Updated On: 9-Feb-2026
Page 30 of 80
PDF with 393 Questions

Which one of the following is an example of where the accrual or matching convention should be applied?

  1. A customer who is in financial difficulty and owes the company $8,000.
  2. A company's machinery which is very specialized and would only have a small resale value if the company goes into liquidation.
  3. Gas consumed last quarter and paid for this quarter.
  4. Non-current assets originally costing $40,000, which if purchased today would cost $45,000.

Answer(s): C



Store Y believe customer XF will not be able to pay his $300 debt. Which ONE of the following day books should this 'bad debt' be recorded in?

  1. Returns inwards daybook
  2. Sales daybook
  3. journal
  4. Cash book
  5. Petty cash book

Answer(s): C



Accounting codes are often used within a business.

Which of the following would describe the reason for this?

  1. To ensure all transaction are listed in a logical order
  2. To ensure transactions are recorded in date order
  3. To group like transactions to generate useful information
  4. To group transactions on the same date

Answer(s): C



Accounting codes have proven to be very useful when recording business transactions.

Which THREE of the following does a coding system help to do?

  1. Reduce the number of transactions recorded
  2. Improve the quality of reports
  3. Reduce time taken to analyze transaction
  4. Take away the need for books of prime entry
  5. Combine roles for the receivables and payables ledger
  6. Extract balances for suppliers and customers

Answer(s): B,C,F



Refer to the exhibit.



ABC issued 200,000 $0.50 equity shares at a price of $1.80. This amount was received in cash

What is the correct journal to record this issue?

  1. A
  2. B
  3. C
  4. D

Answer(s): D



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