Important CIMAPRA17-BA3-1 Exam Questions

Refer to the Exhibit.

A company operates a FIFO system of inventory valuation. Opening inventory at the beginning of the period was 200 units @ 2.80 each. During the period the following movements of inventory were recorded.

The value of the closing inventory at the end of the period and amount charged to the income statement were:

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 is not a correct definition of the accounting equation?

The concept of stewardship refers to which ONE of the following?

Which ONE of the following deals with problems that arise with existing accounting standards?