Question No 9:
Z’s bank statement shows a balance of $825 overdrawn. The bank statement includes bank charges of $50, which have not been entered in the cash book. There are unpresented cheques totalling $475 and deposits not yet credited of £600. The bank statement incorrectly shows a direct debit payment of $160, which belongs to another customer.
What figure for the bank balance should be shown in the statement of financial position?
A. $590 overdrawn.
B. $540 overdrawn.
C. $790 overdrawn.
D. $840 overdrawn.
Answer: B
Sunday, 31 May 2015
Sunday, 24 May 2015
Cima C02 Exam Question No 8
Question No 8:
B operates the imprest system for petty cash. At 1 July there was a float of $150, but it was decided to increase this to $200 from 1 August onwards. During July, the petty cashier received $25 from staff for using the photocopier and a cheque for $90 was cashed for an employee. In July, cheques were drawn for $500 for petty cash.
What was the total expense paid from petty cash in July?
A. $385.
B. $435.
C. $515.
D. $615.
Answer: A
B operates the imprest system for petty cash. At 1 July there was a float of $150, but it was decided to increase this to $200 from 1 August onwards. During July, the petty cashier received $25 from staff for using the photocopier and a cheque for $90 was cashed for an employee. In July, cheques were drawn for $500 for petty cash.
What was the total expense paid from petty cash in July?
A. $385.
B. $435.
C. $515.
D. $615.
Answer: A
Sunday, 17 May 2015
Cima C02 Exam Question No 7
Question No 7:
The core objective of accounting is
A. Provide financial information to the users of such information
B. Maintain records of assets and liabilities
C. Keep record or transactions
D. To fulfil statutory requirements
Answer: A
The core objective of accounting is
A. Provide financial information to the users of such information
B. Maintain records of assets and liabilities
C. Keep record or transactions
D. To fulfil statutory requirements
Answer: A
Sunday, 10 May 2015
Cima C02 Exam Question No 6
Question No 6:
Which ONE of the following best describes the stewardship function?
A. Ensuring high profits.
B. Managing cash.
C. Ensuring the recording, controlling and safeguarding of assets.
D. Ensuring high dividends to shareholders.
Answer: C
Which ONE of the following best describes the stewardship function?
A. Ensuring high profits.
B. Managing cash.
C. Ensuring the recording, controlling and safeguarding of assets.
D. Ensuring high dividends to shareholders.
Answer: C
Sunday, 3 May 2015
Cima C02 Exam Question No 5
Question No 5:
When there is inflation, the historical cost convention has the effect of?
A. Overstating profits and understating statement of financial position values.
B. Understating profits and overstating statement of financial position values.
C. Understating cash flow and overstating cash in the statement of financial position.
D. Overstating cash flow and understating cash in the statement of financial position
Answer: A
When there is inflation, the historical cost convention has the effect of?
A. Overstating profits and understating statement of financial position values.
B. Understating profits and overstating statement of financial position values.
C. Understating cash flow and overstating cash in the statement of financial position.
D. Overstating cash flow and understating cash in the statement of financial position
Answer: A
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