CIMA Exam Practice Kit: Financial Accounting Fundamentals by Dak Patel

By Dak Patel

CIMA examination perform Kits consolidate studying by means of delivering an intensive financial institution of perform questions. each one answer offers a detailed research of the proper resolution and highlights why the choices are fallacious. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision path. It supplementations the professional CIMA learn platforms and CIMA Revision playing cards with a wealth of extra questions and fabric concentrated merely on making use of what has been learnt to passing the examination. CIMA examination perform Kits support scholars organize with self assurance for examination day, and to cross the hot syllabus first time. * comprises 2 hundred examination average a number of selection questions* arrange to cross with broad extra query perform * offers labored solutions to totally clarify the right kind resolution, and research of unsuitable solutions - supporting CIMA scholars keep away from universal pitfalls

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Calculate Mark’s capital? 4 Total Assets ϭ Liabilities Fixtures Motor vehicle Stock of goods Bank Cash in hand 12,000 30,000 21,000 16,800 600 80,400 Stock Brother’s loan ϩ Capital 8,400 18,000 26,400 ????? 1 Which of the following are not part of the income statement (profit and loss account)? 2 Which of the following are not part of the balance sheet? 3 Which of the following is not part of the statement of movements on capital? 4 Which does not form part of cost of goods? 5 Sales £5,000, Purchases £3,000, Closing stock £2,000, Opening stock £400.

A A credit balance exists where the total of credit entries is more than the total of debit entries. B A debit balance exists where the total of debit entries is less than the total of credit entries. C A credit balance exists where the total of debit entries is less than the total of credit entries. D A debit balance exists where the total of debit entries is more than the total of credit entries. 6 Which of the following is the correct entry to record the purchase on credit of stocks intended for resale?

Although he has paid in full for the fixtures and motor vehicle, he still owes £8,400 for some of the stock. His brother Steve has lent him £18,000. Mark, after the above, has £16,800 in the business bank account and £600 cash in hand. Calculate Mark’s capital? 4 Total Assets ϭ Liabilities Fixtures Motor vehicle Stock of goods Bank Cash in hand 12,000 30,000 21,000 16,800 600 80,400 Stock Brother’s loan ϩ Capital 8,400 18,000 26,400 ????? 1 Which of the following are not part of the income statement (profit and loss account)?

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