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CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 93 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 93
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

Which of the following would meet the definition of a liability in accordance with the Conceptual Framework's definition?

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Suggested Answer: B

by Janae at Jul 18, 2024, 08:09 PM

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Gregg
4 months ago
Hah, I bet the exam writers were trying to trick us with that one! C is clearly not a liability since it's a past dispute settlement, not a current obligation.
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Emerson
3 months ago
Yeah, they were definitely trying to throw us off with option C. Good catch!
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Karl
3 months ago
D) An amount due to a supplier for goods purchased one month ago
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Abel
3 months ago
B) An amount due to a supplier for goods to be purchased in one month's time
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Celestine
4 months ago
A) An amount due from a customer for goods dispatched two weeks ago
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Bernadine
4 months ago
I'm going with B on this one. Even though the goods haven't been received yet, the company still has a future obligation to the supplier, which qualifies as a liability.
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Izetta
3 months ago
I think option D could also be considered a liability since the goods have already been purchased.
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Tayna
4 months ago
I agree with you, option B seems to meet the definition of a liability.
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Lucy
4 months ago
That makes sense, so option D is the correct answer.
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Jeff
4 months ago
Option B is a future obligation, but option D is for goods already purchased.
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Mollie
5 months ago
Option D seems like the obvious choice here. It's an amount owed to a supplier for goods already purchased, which fits the definition of a liability.
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Floyd
4 months ago
Exactly, it meets the definition of a liability in the Conceptual Framework.
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Alex
4 months ago
That makes sense, liabilities are obligations to pay for goods or services.
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Jill
4 months ago
I agree, it's an amount due for goods already purchased.
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Lavonda
4 months ago
I think option D is the correct choice.
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Vanda
5 months ago
But what about option B? It's also an amount due to a supplier.
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Lucy
5 months ago
I agree with Jeff, because a liability is an obligation to pay in the future.
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Jeff
5 months ago
I think option D would meet the definition of a liability.
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