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CIMA BA3 Exam
Fundamentals of Financial Accounting (Page 4 )

Updated On: 1-Feb-2026
Page 4 of 80
PDF with 393 Questions

CORRECT TEXT

DE has the following incomplete non-current register extract at 301 at December 20X7:


What is the useful economic life (UEL) (in years) of this asset which should be entered into the non-current asset register?

  1. See Explanation section for answer.

Answer(s): A

Explanation:

CORRECT TEXT IS: 20 years



Published accounts must include the following statements:

  1. Income statement, statement of financial position and statement of cash flows
  2. Manufacturing account, income statement, statement of financial position and statement of cash flows
  3. Income statement and statement of financial position
  4. Trading account, income statement and statement of financial position

Answer(s): A



Refer to the exhibit.


The following extracts from the statement of financial position and income statement for Company S are available:

Included in operating profit was depreciation of $120,000 and a loss on disposal of non- current assets of $48,000.

The cash generated from operations for year 2 would be:

  1. $1,092,000
  2. $972,000
  3. $1,068,000
  4. $876,000

Answer(s): B



A company has a debt/equity ratio of 50%. If the company's total equity is $750,000, what is the gearing ratio for the company?

  1. 33.33%
  2. 200%
  3. 50%
  4. Impossible to tell from information provided.

Answer(s): A



A business needs to reconcile its cash book with the current bank statement on a regular basis

Which THREE of the following items could require an adjusting entry in the cash book?

  1. Cheques presented for payment after the date of the bank statement
  2. A dishonored cheque from a customer
  3. An error by the bank
  4. Bank charges
  5. Deposits credited after the date of the bank statement
  6. Standing order payment entered in the bank statement

Answer(s): B,D,F



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