By Dak Patel
CIMA examination perform Kits consolidate studying via delivering an in depth financial institution of perform questions. every one resolution offers a close research of the proper resolution and highlights why the choices are flawed. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision path. It supplementations the legitimate CIMA research structures and CIMA Revision playing cards with a wealth of extra questions and fabric centred basically on utilising what has been learnt to passing the examination. CIMA examination perform Kits aid scholars organize with self belief for examination day, and to move the hot syllabus first time. * comprises two hundred examination ordinary a number of selection questions* organize to cross with wide extra query perform * offers labored solutions to totally clarify the right kind solution, and research of flawed solutions - assisting CIMA scholars keep away from universal pitfalls
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Extra info for CIMA Exam Practice Kit: Financial Accounting Fundamentals (CIMA Exam Practice Kit)
Therefore, options A, B and C are irrelevant. 3 C The standard ‘accounting equation’ is Assets ϭ liabilities ϩ capital and capital equals opening capital plus profits less drawings. The only rearrangement of this equation that maintains the integrity of the accounting equation is C. 6 20,000 8,000 (16,000) (3,000) 9,000 D The accounting equation changes when one or more of assets, liabilities or capital changes. Selling goods at a profit would change capital; purchasing a fixed asset on credit would change assets and liabilities; the owner withdrawing cash would change assets and capital; debtors paying their accounts in cash would not affect any of these.
A B C D To provide useful information to users. To record, categorise and summarise financial transactions. To calculate the taxation due to the government. To calculate the amount of dividend to pay to the shareholders. 1 B Maintaining ledger accounts, preparing a trial balance and recording transactions are all part of the bookkeeping system. 4 D Management accounts would provide detailed costs and other information regarding manufacturing and trading. 5 A The Framework of Financial Accounts 11 2 Assets = Liabilities + An Entity’s obligation to transfer economic benefit as a result of past event or transaction A resource used by a business or other organisation to derive income in the future Capital Special kind of liability that exists between the owner and the entity Current liabilities Fixed assets Intangible Cannot see, smell, feel or touch – Goodwill – Patent – Trademark – Royalties – Research and development Tangible Can touch, see, feel – Land and building – Plant and machinery – Fixtures and fittings – Motor vehicles Short-term liabilities (
The only rearrangement of this equation that maintains the integrity of the accounting equation is C. 6 20,000 8,000 (16,000) (3,000) 9,000 D The accounting equation changes when one or more of assets, liabilities or capital changes. Selling goods at a profit would change capital; purchasing a fixed asset on credit would change assets and liabilities; the owner withdrawing cash would change assets and capital; debtors paying their accounts in cash would not affect any of these. This Page is Intentionally Left Blank The Accounting System in Action 23 3 There is no such thing as stock account.