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CIMA Fundamentals of Financial Accounting Sample Questions:

1. Refer to the exhibit.

The following information is available in respect of two companies that operate in the same market sector:
Which one of the following statements most accurately describes the companies' relative position?

A) Company A has the shortest working capital cycle and the best control on inventories.
B) Company B has the shortest working capital cycle and the best control on payables and receivables.
C) Company B has the shortest working capital cycle and the best control on both inventories and payables.
D) Company A has the shortest working capital cycle and the best control on both inventories and payables.

2. What will be the effect on the draft financial statements if the closing inventory figure is increased?

A) A decrease in cost of sales, an increase in gross profit and an increase in closing inventory in the balance sheet
B) An increase in cost of sales and an increase in the inventory figure in the balance sheet
C) An increase in cost of sales, a decrease in gross profit and an increase in closing inventory in the balance sheet
D) A decrease in cost of sales, a decrease in gross profit and an increase in the inventory figure in the balance sheet

3. The trial balance shows the debit total as $200 less than the credit total.
This could be due to:

A) Entering $100 received from a customer on the credit side of the trade receivable's account
B) Under casting the purchases daybook by $200
C) Entering $100 received from a customer on the debit side of the trade receivable's account
D) Under casting the sales daybook by $200

4. 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:

A) Option A
B) Option C
C) Option B
D) Option D

5. Refer to the exhibit.

ABC has the equity balances at the end of year 1.
During year 2 ABC issues 100,000 new shares at a price of $1.10
What is the balance on share premium at the end of year 2?

A) $140,000
B) $80,000
C) $190,000
D) $90,000

Solutions: