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  1. Home
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  3. BA3 - Fundamentals of Financial Accounting

CIMA BA3 - Fundamentals of Financial Accounting Exam (page: 12)
CIMA BA3 - Fundamentals of Financial Accounting
Updated on: 09-Feb-2026

Viewing Page 12 of 80
BA3 - Fundamentals of Financial Accounting PDF 393 Questions

Refer to the Exhibit.



Soffit plc is calculating its irrecoverable debt charge and allowance for receivables for inclusion in its year-end accounts. Based on an aged receivables schedule, it is estimated that an allowance for receivables of $125,820 is required.

In addition, a specific allowance for receivables of $18,640 is also required for two customers who are experiencing cash flow difficulties. There are also two customers who have gone into receivership while owing the company $6,300. The current allowance for receivables is $156,000.

Which is the correct entry to be made to the accounts to record these transactions?

  1. A
  2. B
  3. C
  4. D

Answer(s): B



The financial statements are produced in accordance with relevant accounting standards. This compliance ensures the requirement of fair presentation of transactions and events is met

How is this compliance emphasized?

  1. Reconciliation procedures
  2. Employment of qualified employees
  3. Specific disclosure
  4. Regular preparation of financial statements

Answer(s): C



A non-current asset was purchased for $240000 at the beginning of Year 1, with an expected life of 7 years and a residual value of $50000. It was depreciated by 20% per annum using the reducing balance method.

At the beginning of Year 4 it was sold for $100000. The result of this was:

  1. A loss on disposal of $2720
  2. A loss on disposal of $22880
  3. A profit on disposal of $50000
  4. A profit on disposal of $58571

Answer(s): B



Which of the following would result in an increase in the cash balance for the period?

(a) A reduction in inventory

(b) A reduction in receivables

(c) A reduction in payables

(d) A gain on disposal of non-current assets

  1. (a) and (b) only
  2. (b) and (c) only
  3. (c) and (d) only
  4. (a), (b) and (c) only

Answer(s): A



Refer to the Exhibit.



A sole trader, who only has cash sales, banks all cash receipts above the agreed petty cash float of $400.

During week 2 he has the following transactions:

What is the amount banked at the end of week 2?

  1. $25
  2. $225
  3. $425
  4. $625

Answer(s): C



Viewing Page 12 of 80



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