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

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?
B) Using mark-up means the profit is based on selling price and C) Opening receivables is a credit balance. and D) Opening inventory is a credit balance
A) Opening receivables is a debit balance
E) Using mark-up means the profit is based on cost
F) Opening inventory is a debit balance.

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

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 54
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

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?

Show Suggested Answer Hide Answer
Suggested Answer: B, C, D

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

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Darrel
8 months ago
Using mark-up means profit is based on cost, right?
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Sue
9 months ago
Nope, opening inventory is a debit balance for sure.
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Clorinda
9 months ago
Wait, how can opening inventory be a credit balance? That sounds off.
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Reyes
9 months ago
I agree, mark-up is based on selling price!
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Leandro
9 months ago
Opening receivables is definitely a debit balance.
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Jarvis
9 months ago
I'm a bit confused about the credit balance for opening receivables; I thought it was always a debit, but I need to double-check that.
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Aaron
9 months ago
I practiced a similar question where opening inventory was definitely a debit balance, so I feel confident about that one.
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Vi
9 months ago
I think using mark-up means the profit is based on selling price, but I might be mixing it up with something else we studied.
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Thurman
9 months ago
I remember that opening receivables should always be a debit balance, but I'm not completely sure about the mark-up calculations.
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Rodrigo
10 months ago
I'm leaning towards B. As long as the administrator's own machine is protected, it should be safe to test the exploit there. Plus, it's the quickest and most straightforward option.
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Janella
10 months ago
Okay, let's break this down step-by-step. First, I need to calculate the original FRA position value based on the initial LIBOR term structure. Then I'll need to recalculate it using the new LIBOR rates to find the change in value. I think I can do this, but I'll need to be careful with the calculations.
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Gail
10 months ago
Okay, I think I've got this. Based on the details provided, option A looks like the way to go. Implementing Customer Retention Billing with a Withholding Term of Expenditure Category should allow me to set up the 10% withholding requirement as needed.
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Geraldine
10 months ago
Hmm, this one seems straightforward. I think the key is to focus on the "180-degree" part of the question, which means it's about feedback from the individual and their supervisor/peers.
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