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CIMAPRA17-BA3-1 Exam - Topic 1 Question 67 Discussion

Which of the following would meet the definition of a liability in accordance with the Conceptual Framework's definition?
B) An amount due to a supplier for goods to be purchased in one month's time
A) An amount due from a customer for goods dispatched two weeks ago
C) An amount which was paid to a supplier in relation to a dispute
D) An amount due to a supplier for goods purchased one month ago

CIMAPRA17-BA3-1 Exam - Topic 1 Question 67 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 67
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 Rosio at Mar 20, 2023, 11:49 AM

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Callie
10 months ago
Just to clarify, liabilities are obligations to pay.
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Felicitas
10 months ago
C seems off to me, not sure it qualifies as a liability.
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Anastacia
10 months ago
Wait, isn't A a liability too?
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Kimberlie
11 months ago
I think D is also a liability, right?
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Abel
11 months ago
B is definitely a liability since it's an amount due.
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Dacia
11 months ago
I feel like option B might be tricky because it's for goods not yet received, but I think it still qualifies as a liability under certain conditions.
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Ressie
11 months ago
I practiced a similar question where timing was key, but I can't recall if amounts due for future purchases count as liabilities.
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Kimi
11 months ago
I think option D makes the most sense since it refers to an amount due for goods already received, which aligns with the definition of a liability.
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Tamera
11 months ago
I remember that liabilities are obligations, but I'm not sure if the timing of the payment matters for this question.
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Queen
11 months ago
This question seems pretty straightforward. I think the key is to focus on the differences between the two invoice entry methods.
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Lyda
11 months ago
Hmm, I'm a bit unsure here. I'm torn between A and D. I think getting the product owner to explain the vision and review the release plan could also be really helpful.
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Frederica
11 months ago
I think this is a pretty straightforward question. The key is understanding the SAML authentication flow and how Okta's end user dashboard works.
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