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Last Update 23 hours ago Total Questions : 393
The Fundamentals of financial accounting content is now fully updated, with all current exam questions added 23 hours ago. Deciding to include BA3 practice exam questions in your study plan goes far beyond basic test preparation.
You'll find that our BA3 exam questions frequently feature detailed scenarios and practical problem-solving exercises that directly mirror industry challenges. Engaging with these BA3 sample sets allows you to effectively manage your time and pace yourself, giving you the ability to finish any Fundamentals of financial accounting practice test comfortably within the allotted time.
Which THREE of the following are improved by the use of accounting standards?
Which TWO of the following are treated as statutory deductions from an employee ' s gross salary?
Refer to the Exhibit.
A company is preparing its accounts to 30 April 2006. The latest telephone bill received by the company was dated 31 March and included call charges for the quarter 1 December to 28 February. The amount of the bill for call charges (excluding VAT) was $960. Most of the company ' s telephone bills are for similar amounts.
Which of the following journal entries should be made to the company ' s accounts at 30 April 2006?
The journal entries which should be made to the company ' s accounts at 30 April 2006 is
An accountant is taking on financial accounting responsibilities for company PQ. Which TWO of the following are NOT true of financial accounting?
Refer to the Exhibit.
A company operates an AVCO system of inventory. Opening inventory at the beginning of the period was 400 units @ $6.50 per unit.
During the period, the following purchases and issues were recorded:
The amount charged to the company ' s income statement in the period is
Refer to the Exhibit.
Your firm has the following manufacturing figures:
Closing work in progress is
A company has total equity of $350,000 and a 5% debenture of $150,000. The net profit before interest for the period was $60,000.
The return on equity is
Refer to the Exhibit.
An extract of information from K ' s book of accounts revealed that:
Cash received during the year is
After calculating your company ' s profit for the year, you discover that:
(a) A non-current asset costing £2,000 has been included in the purchases account; the asset has not been included in the closing inventory figure; nor has it been depreciated by the normal 25% per annum
(b) Closing inventory of raw materials, costing £500, have been treated as closing inventory of stationery.
These two errors have had the effect of.
A company has authorized capital of 100,000 5% preference shares of $2 each and 500,000 ordinary shares of $0.20p each. All of the preference shares have been issued, and 400,000 ordinary shares have been issued at $0.45p each.
Interim dividends of $0.10p per ordinary share, plus half the preference dividend have been paid during the current year. A final dividend of $0.20p per ordinary share is declared.
The total of dividends payable for the year is
