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Free BA3 Exam Braindumps
Fundamentals of Financial Accounting Questions 166–170 (page: 35)

Updated On: 9-Feb-2026
Page 35 of 80
PDF with 393 Questions

Which one of the following would not be considered one of the roles of a Financial Accountant?

  1. Preparation of statement of cash flows
  2. Preparation of annual budgets
  3. Reconciliation of ledger accounts
  4. Recording of financial transactions

Answer(s): B



Which one of the following is an error of commission?

  1. An electricity bill debited and credited to the correct accounts but duplicated
  2. A credit sale debited to the bank account and credited to the sales account
  3. The purchase of plant and machinery debited to the fixtures and fittings account and credited to the suppliers account
  4. An invoice for $592 debited and credited to the correct accounts, but for $529

Answer(s): C



ABC produces accounts to the year ended 31 December annually Extracts from the most recent financial statements are.



Which of the following ratios is a liquidity ratio?

  1. Debt/Equity x 100%
  2. Operating profit/Capital employed x 100%
  3. Revenue/Capital employed
  4. Current assets/Current liabilities

Answer(s): D



Internal controls can be split between detect controls and prevent controls.

Which THREE of the following are prevent controls?

  1. Bank reconciliations
  2. Checking invoices to goods received notes
  3. Checking delivery notes to invoices
  4. Signing goods received notes
  5. Physical inventories
  6. Recording all transactions

Answer(s): B,C,D



The role of the internal auditors is primarily to:

  1. Prepare the financial accounts
  2. Support the work of the external auditors by carrying out specific checks on the accuracy of the accounting system
  3. Reduce the fees charged by the external auditors by carrying out some of their duties at a lower cost, thereby improving profits
  4. Report to shareholders on the accuracy of the accounting system

Answer(s): B



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