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CIMA BA3 Exam
Fundamentals of Financial Accounting (Page 7 )

Updated On: 1-Feb-2026
Page 7 of 80
PDF with 393 Questions

Which of the following entries would result in the trial balance not agreeing?

(a) An invoice for $200 for electricity has been omitted from the ledgers

(b) A payment received from a customer has been posted to the accounts twice

(c) An invoice for repairs and maintenance has been charged to the non-current asset account

(d) A payment made to suppliers had been recorded in the cash book but not recorded in the supplier's account

  1. (a) and (b) only
  2. (c) and (d) only
  3. (d) only
  4. All of the above - (a), (b), (c) and (d)

Answer(s): C



LMN's totals for its sales day book and its cash receipts book for the month ended 31 January 20X6 are as follows


What is the total value for sales that LMN will post to the sales account in the nominal ledger for January 20X6?

  1. $51,000
  2. $45,000
  3. $36,000
  4. $30,000

Answer(s): C



Which of the following statements is NOT correct?

  1. A receipts and payments account is the equivalent of an income statement.
  2. A receipts and payments account is the equivalent of a cash book summary.
  3. A receipts and payments account does not include depreciation of non-current assets.
  4. An income and expenditure account is the equivalent of an income statement.

Answer(s): A



Refer to the exhibit.



A company has the following transactions for the month of April:

Closing inventory at the end of the period was $26,000 and gross profit was $90,000. The opening inventory was therefore:

  1. $32,000
  2. $20,000
  3. $6,000
  4. $26,000

Answer(s): A



AB sells two products ,X and Y. The following information was available at AB's year-end, 31 December 20X6:



At 31 December 20X6 AB held 800 units of Product X and 400 units of Product Y

What is the value that will be included in inventories in AB's statement of financial position as at 31 December 20X6?

  1. $120,000
  2. 5134,000
  3. $138,000
  4. $118,000

Answer(s): D



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