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Last Update 1 day ago Total Questions : 393
The Fundamentals of financial accounting content is now fully updated, with all current exam questions added 1 day ago. Deciding to include BA3 practice exam questions in your study plan goes far beyond basic test preparation.
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Financial controls are needed in order to:
Refer to the Exhibit.
The following totals appear in a company ' s daybooks for the month of May. VAT is recoverable on all purchases which were in respect of goods for resale.
Opening inventory was £350,00 and closing inventory was $37,500.
The gross profit for the period was
Which one of the following is an error of commission?
Cost of goods sold for a manufacturing company is the total of
Refer to the Exhibit.
John, an employee of Kelt Ltd, earns gross wages for a week of £425.76.
Income tax is deducted at a rate of 25% on all earnings in excess of £85.00 per week and he is also liable to pay National Insurance contributions of 9% of his total earnings. Employers national insurance contributions are at a rate of 10.5%.
What are the correct ledger entries in the accounts of Kelt Ltd?
The answer is:
Before lending to an entity, which TWO of the following pieces of information would a potential lender want to consider?
GH has the following transactions for the week of January 20X8:
GH is not registered for sales tax
What is the total of the sales day book for this week? Give your answer to the nearest whole number:
Refer to the exhibit.
Both internal and external audits can be performed on the financial statements of a company. The results of the audits have different purposes and different reporting lines.
Which of the following combinations is correct?
Refer to the Exhibit.
A business has three non-current assets.
(i) Asset 1 will be used to manufacture components over a 4 year period, after which it will be scrapped; the total contract is for 1 million components, to be produced in different quantities each year.
(ii) Asset 2 is a motor car for a director; it is expected to be kept for 3 years, and will travel 20,000 miles each year.
(iii) Asset 3 is a mobile truck used for transporting goods around the factory; it is expected to be kept for 20 years.
Which one of the following combinations of depreciation methods, would be most reasonable for the above three assets?
The answer is:
External auditors report their findings to:
