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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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Leah
1 days 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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Roy
5 days 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
7 days 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
12 days 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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Yolando
27 days 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
28 days ago
I disagree, I believe it's B) 6,700 loss.
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Yolando
29 days ago
I think the answer is A) 17,600 profit.
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