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CIMA Fundamentals of Financial Accounting Sample Questions:

1. Refer to the Exhibit.

Ax minster Limited is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. The current allowance for receivables is $28,600 and it is estimated that this needs to be raised to $30,400. There are also bad debts of $3,600 which should be written off.
Which is the correct entry to be made to the accounts to record these transactions?
The correct entry to be made to the accounts to record these transactions is:

A) B
B) A
C) D
D) C

2. Which ONE of the following does not apply to the preparation of management accounts?

A) Prepared annually, summarizing financial performance
B) Prepared to show the detailed costs of manufacturing and trading
C) Prepared mainly for internal users of accounting information
D) Prepared frequently throughout the year

3. Refer to the Exhibit.

A company that is VAT-registered has the following transaction for the month of March. All purchases were in respect of goods for resale and all items were subject to VAT at 17.5%.
Opening inventory was $16,200 and closing inventory was $18,400.
The gross profit for the period was

A) $90,325
B) $77,200
C) $85,925
D) $72,800

4. Refer to the exhibit.

A company has the following current assets and liabilities at its most recent year end:
When measured against standard acceptable levels for liquidity, the company can be said to have:

A) Ideal current and acid test ratios
B) A high current ratio and a low acid test ratio
C) An ideal acid test ratio, but a high current ratio
D) An ideal current ratio, but a low acid test ratio

5. "To assure shareholders that the stewardship of the organization was effectively carried out." What does this definition describe?

A) Reconciliation process
B) External audit
C) Internal audit
D) Preparation of financial statements

Solutions: