CIMAPRA17-BA3-1 Exam - Topic 1 Question 55 Discussion

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

Question #: 55
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%

What is the figure for purchases to be included in MM's statement of profit or loss for the year ended 31 December 20X3?

A$61,000

B$61,500

C$63,500

D$59,000

Show Suggested Answer

Suggested Answer: C

by Terrilyn at Jul 21, 2022, 03:10 PM

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Kanisha

10 months ago

Totally agree with Cory, B looks correct!

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Ciara

10 months ago

Total sales = $73,800 if markup is 20%.

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Nu

10 months ago

Wait, are we sure about those figures? They seem off.

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Cory

11 months ago

I think it's option B, $61,500. Seems right to me!

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Cristy

11 months ago

The markup is 20%, so purchases should be calculated accordingly.

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Mitzie

11 months ago

I think the answer could be $61,500, but I need to double-check the calculation for sales and purchases again.

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Lauran

11 months ago

I feel like the markup is 20%, so we might need to divide the sales by 1.2 to find the cost, but I'm a bit confused about the numbers.

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Kelvin

11 months ago

This seems similar to a practice question we did on markup. I think we need to find the sales figure first.

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Walton

11 months ago

I remember something about calculating purchases using sales and markup, but I'm not sure how to apply it here.

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Elliott

11 months ago

I'm a little confused on the differences between the Exponential and Weibull distributions. I'll need to review those in more detail to determine which one is most appropriate for this scenario.

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Gladys

11 months ago

I'm a bit confused about whether the single-site model is flexible enough for a company's scaling needs.

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Leatha

11 months ago

Wait, isn't this detective? The supervisor checks after the transaction might have been initiated.

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Glory

11 months ago

I'm feeling a bit lost on this one. The wording of the question is a bit confusing, and I'm not entirely sure which phase would involve the specific activities described.

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