CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 54 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam

Question #: 54
Topic #: 1

MM does not maintain complete accounting records. The following information is available for the year ended 31 December 20X3:

The mark up on items sold by MM is 20%.

Which THREE of the following statements are true?

AOpening receivables is a debit balance

BUsing mark-up means the profit is based on selling price

COpening receivables is a credit balance.

DOpening inventory is a credit balance

EUsing mark-up means the profit is based on cost

FOpening inventory is a debit balance.

Show Suggested Answer

Suggested Answer: B, C, D

by Ceola at Jun 28, 2022, 02:23 PM

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