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CIMA BA3 Exam Syllabus Topics:

SectionObjectives
Financial Statements Preparation- Income statement and statement of financial position
- Accruals and prepayments adjustments
Accounting Adjustments and Controls- Errors and suspense accounts
- Inventory valuation and adjustments
- Non-current assets and depreciation
Recording Financial Transactions- Control accounts and reconciliations
- Ledger accounts and trial balance preparation
Accounting Fundamentals and Principles- Basic accounting concepts and principles
- Double-entry bookkeeping system

CIMA Fundamentals of Financial Accounting Sample Questions:

1. It underpins all accounting standards and provides the platform from which all future standards will be developed.
Which ONE of the following is described above?

A) The Framework
B) The International Financial Reporting Interpretation Committee
C) The Companies Act
D) The European Union


2. External auditors report their findings to:

A) Shareholders of the company
B) Directors
C) Creditors
D) Internal auditors


3. What will be the effect on the financial statements if the closing inventory figure is decreased?

A) A decrease in cost of sales, a decrease in gross profit and a decrease in the inventory figure in the statement of financial position.
B) A decrease in cost of sales, an increase in gross profit and a decrease in the inventory figure in the statement of financial position.
C) An increase in cost of sales, an increase in gross profit and a decrease in the inventory figure in the statement of financial position.
D) An increase in cost of sales, a decrease in gross profit and a decrease in the inventory figure in the statement of financial position.


4. There are four separate but related bodies which control the setting of International accounting standards (IFRS's).
Which THREE of the following are included in the standard setting process?

A) Financial Accounting Standards Board (FASB)
B) Chartered Institute of Management Accountants (CIMA)
C) International Accounting Standards Committee Foundation (IASCF)
D) Accounting Standards Board (ASB)
E) International Accounting Standards Board (IASB)
F) International Financial Reporting Interpretations Committee (IFRIC)


5. Which THREE of the following are intrinsic elements of intangible assets?

A) Without physical substance
B) Has been in the entity's possession for at least one year
C) Is having its cost depreciated
D) Has future economic benefits
E) A resource controlled by an entity


Solutions:

Question # 1
Answer: A
Question # 2
Answer: A
Question # 3
Answer: D
Question # 4
Answer: C,E,F
Question # 5
Answer: A,D,E

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