Cima exams4sure pass Ba3 Exam Guide by Rudi q393 vce pdf

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Exam Name:	Fundamentals of financial accounting
Exam Code:	BA3 Dumps
Vendor:	CIMA	Certification:	CIMA Certificate
Questions:	393 Q&A's	Shared By:	rudi

Question 40

M Ltd owns property costing $80,000 ($50,000 for the land and $30,000 for the building).

The company's accounting policy is to depreciate buildings at the rate of 5% per annum on the straight-line basis.

After five years, what is the net book value of freehold land and building in the financial accounts of M Ltd?

Options:

$87,500

$72,500

$60,000

$78,500

Discussion

Question 41

Which one of the following best describes the stewardship function?

Options:

Maximizing profits

Ensuring the recording, controlling and safeguarding of assets

Managing cash

Carrying out an external audit

Discussion

Question 42

XYZ's computerized accounting system automatically updates the non-current asset register when additions to property, plant and equipment are made A machine costing $120,000, with a useful life of five years and an estimated residual value of $12,000 is acquired at the year end.

Which of the following statements is correct in relation to the recording of this asset in the non-current asset register?

Options:

The journal entry to record the cost is Dr Asset $120,000 and Cr Bank $120,000 The five year useful life is recorded

There is no journal entry but the cost of $120,000, the five year useful life and estimated residual value of $12 000 are recorded

There is no journal entry but the cost of $120,000 and the five year useful life are recorded

The journal entry to record the cost is Dr Asset $120,000 and Cr Bank $120,000 The five year useful life and estimated residual value of $12,000 are recorded

Discussion

Question 43

The accumulated fund is equal to:

Options:

The book value of net assets in a not-for-profit organization

The bank balances of an organization

The excess of receipts over payments in a not-for-profit organization

Retained profits in a limited company

Discussion

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