CIMAPRA17-BA3-1 Practice Questions

Refer to the Exhibit. On 1 May year 1 a company pays insurance of $1,800 for the period to 30 April year 2 What is the charge to the income statement and the entry in the statement of financial position for year 1 ended 30 November?

Which of the following is an example of where the materiality convention should be applied?

An organization's trial balance at the end of the month was out of agreement, with the debit side totaling £500 less than the credit side. A suspense account was opened for this amount. During the next month, the following errors were discovered: (a) The purchase returns day book had been under cast by £50 (b) Rent payable of £400 had been credited to the rent receivable account (c) A non-current asset, with a net book value of £700 had been disposed of at a loss of £80; all entries had been correctly recorded except that the sale proceeds had been omitted from the disposals account. Following the correction of these errors, the balance on the suspense account would be.

Which of the following would be a role of the financial accountant?

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

Which of the following is not a correct definition of the accounting equation?

Which of the following transactions would be classified as a revenue transaction?

Which one of the following best describes the stewardship function?

Which TWO of the following statements are correct?

The Accounting Standards Board is responsible for: