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CIMA Fundamentals of Financial Accounting Sample Questions:

1. Company X wants to find the total of all the transactions from its sales account. Where should Company Xlook?

A) Sales control account
B) Memorandum account
C) Sales ledger


2. The main aim of financial accounting is to:

A) Ensure that double-entry records are maintained
B) Maintain ledger accounts for every asset and liability
C) Record every financial transaction in the books of account
D) Provide financial information to satisfy the needs of users of accounts


3. The accounting concept to be considered when the owner of a business uses business funds to pay for his private household expenses, is the:

A) Money measurement concept
B) Realization concept
C) Prudence concept
D) Separate entity concept


4. Refer to the exhibit.

Harvey commenced business with capital of $50,000. At the end of the first financial year, he has What was the profit for the period?

A) $23,000 loss
B) $7,000 loss
C) $7,000 profit
D) $23,000 profit


5. Which of the following is not a book of prime entry?

A) Journal
B) Cash book
C) Sales ledger
D) Purchases daybook


Solutions:

Question # 1
Answer: A
Question # 2
Answer: D
Question # 3
Answer: D
Question # 4
Answer: B
Question # 5
Answer: C

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