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CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 105 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 105
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

Entity HJ is a small business. In the period. Entity Hj earned revenue of 24,300, had opening inventories of 1,500 and closing inventories of 8,000. Purchases came to 13,200.

What was Entity Hj's gross profit or loss for this period?

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Suggested Answer: B

by Olive at Jan 11, 2025, 12:59 PM

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Glendora
3 months ago
Ooh, an accounting question! My time to shine. *adjusts glasses* Alright, let's crunch those numbers and find the right answer. No pressure, right?
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Tiara
2 months ago
D) 6,700 profit
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Dacia
2 months ago
Let's calculate the gross profit.
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Olene
2 months ago
A) 17,600 profit
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Leah
4 months ago
Gross profit, huh? I'm gonna go with option E, 31,000 profit. Why? Because it's the biggest number, and who doesn't love a big profit? *winks*
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Twila
3 months ago
User3: I agree with User1, D) 6,700 profit seems right.
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Paz
3 months ago
No problem! It's always good to double-check, especially with numbers.
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Salena
3 months ago
User2: I'm going with A) 17,600 profit.
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Lorrine
3 months ago
User1: I think the answer is D) 6,700 profit.
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Soledad
3 months ago
Oh, really? I guess I got a bit carried away with the big numbers. Thanks for pointing that out!
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Glenn
3 months ago
I think you might have misread the options. The correct answer is actually D) 6,700 profit.
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Roy
4 months ago
Ah, I remember this type of question from my accounting classes. Time to put my skills to the test! *cracks knuckles* Let's do this.
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Virgie
4 months ago
Hmm, okay, I need to review my inventory and cost of goods sold formulas here. Gross profit is revenue minus cost of goods sold, and cost of goods sold is beginning inventory plus purchases minus ending inventory. I'll work this out step-by-step and double-check my answer.
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Kristal
4 months ago
This looks like a straightforward accounting question. Let me think this through - revenue of 24,300, opening inventory of 1,500, closing inventory of 8,000, and purchases of 13,200. I'm going to go with option A, 17,600 profit.
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Amber
2 months ago
Great, it's always good to double-check the numbers before making a final decision.
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Alysa
3 months ago
So, in this case, it would be 24,300 - (1,500 + 13,200 - 8,000) = 17,600.
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Jacquelyne
3 months ago
Yes, that's right. The formula for calculating gross profit is revenue minus cost of goods sold.
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Chanel
3 months ago
I agree with you, option A, 17,600 profit, seems to be the correct answer.
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Yolando
4 months ago
But Entity HJ had revenue of 24,300 and purchases of 13,200, so the gross profit should be higher than 6,700 loss.
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Jolene
4 months ago
I disagree, I believe it's B) 6,700 loss.
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Yolando
4 months ago
I think the answer is A) 17,600 profit.
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