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CIMAPRA17-BA3-1 Exam Dumps

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Description

Exam Name: BA3 – Fundamentals of Financial Accounting
Exam Code: CIMAPRA17-BA3-1
Related Certification(s): CIMA Certificate in Business Accounting Certification
Certification Provider: CIMA
Actual Exam Duration: 120 Minutes
Number of CIMAPRA17-BA3-1 practice questions in our database: 393
Expected CIMAPRA17-BA3-1 Exam Topics, as suggested by CIMA :

  • Module 1: Accounting Principles, Concepts and Regulations: This topic requires you to master the fundamental principles and concepts of financial accounting. Focus on understanding how the regulatory framework shapes financial reporting practices, which is critical for accurate and compliant accounting. This knowledge is essential for the CIMAPRA17-BA3-1 exam, where aspiring CIMA business accountants will be expected to apply these principles in practical scenarios.
  • Module  2: Recording Accounting Transactions: In this topic, business accountants will learn to accurately prepare accounting records and reconciliations, vital for ensuring the integrity of financial data. Understanding how the regulatory framework impacts these records is also crucial. This will prepare you for exam questions focused on transaction recording and compliance.
  • Module 3: Preparation of Accounts for Single Entities: This CIMA CIMAPRA17-BA3-1 exam topic covers the preparation of accounting records, manufacturing accounts, and financial statements for a single entity. Mastery here is the key for the exam, as you will be tested on your ability to compile accurate financial statements from raw data, a critical skill for business accountants.
  • Module 4: Analysis of Financial Statements: In this topic, the CIMAPRA17-BA3-1 exam focuses on identifying and calculating basic accounting ratios, which are essential for financial analysis. Understanding these ratios will enable you to interpret financial statements effectively, a crucial skill that the CIMA BA3 – Fundamentals of Financial Accounting exam will assess.

Description

Exam Name: BA3 – Fundamentals of Financial Accounting
Exam Code: CIMAPRA17-BA3-1
Related Certification(s): CIMA Certificate in Business Accounting Certification
Certification Provider: CIMA
Actual Exam Duration: 120 Minutes
Number of CIMAPRA17-BA3-1 practice questions in our database: 393
Expected CIMAPRA17-BA3-1 Exam Topics, as suggested by CIMA :

  • Module 1: Accounting Principles, Concepts and Regulations: This topic requires you to master the fundamental principles and concepts of financial accounting. Focus on understanding how the regulatory framework shapes financial reporting practices, which is critical for accurate and compliant accounting. This knowledge is essential for the CIMAPRA17-BA3-1 exam, where aspiring CIMA business accountants will be expected to apply these principles in practical scenarios.
  • Module  2: Recording Accounting Transactions: In this topic, business accountants will learn to accurately prepare accounting records and reconciliations, vital for ensuring the integrity of financial data. Understanding how the regulatory framework impacts these records is also crucial. This will prepare you for exam questions focused on transaction recording and compliance.
  • Module 3: Preparation of Accounts for Single Entities: This CIMA CIMAPRA17-BA3-1 exam topic covers the preparation of accounting records, manufacturing accounts, and financial statements for a single entity. Mastery here is the key for the exam, as you will be tested on your ability to compile accurate financial statements from raw data, a critical skill for business accountants.
  • Module 4: Analysis of Financial Statements: In this topic, the CIMAPRA17-BA3-1 exam focuses on identifying and calculating basic accounting ratios, which are essential for financial analysis. Understanding these ratios will enable you to interpret financial statements effectively, a crucial skill that the CIMA BA3 – Fundamentals of Financial Accounting exam will assess.

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Q1. The Finance Director of EFG company has made the following statements regarding the recording of expenditure relating to the entity's property, plant and equipment (PPE) in the nominal ledger. Which THREE of the following statements are true?

A.The annual depreciation charge reduces EFG's profit for the year.

B. The cost of insurance for the factory is debited to the PPE asset account.

C. The loss on the disposal of PPE reduces EFG's profit for the year

D. The cost of repainting the office is credited to the repairs expense account

E. The loss on the disposal of PPE is recorded in a liability account

F. The annual depreciation charge reduces the carrying value of PPE

Correct Answer: A, C, F

Q2. The Finance Director of EFG company has made the following statements regarding the recording of expenditure relating to the entity's property, plant and equipment (PPE) in the nominal ledger. Which THREE of the following statements are true?

A.The annual depreciation charge reduces EFG's profit for the year.

B. The cost of insurance for the factory is debited to the PPE asset account.

C. The loss on the disposal of PPE reduces EFG's profit for the year

D. The cost of repainting the office is credited to the repairs expense account

E. The loss on the disposal of PPE is recorded in a liability account

F. The annual depreciation charge reduces the carrying value of PPE

Correct Answer: A, C, F

Q3. Which of the following is the correct double entry for a prepayment?

A.Debit expense Credit prepayment (current asset)

B. Debit prepayment (current liability) Credit expense

C. Debit prepayment (current asset) Credit expense

D. Debit expense Credit prepayment (current liability)

Correct Answer: A

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