CIMAPRA17-BA3-1 Exam - Topic 1 Question 69 Discussion

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

Question #: 69
Topic #: 1

Refer to the exhibit.

The following book-keeping errors were discovered:

1. A cheque for 900 received from a receivable, after deduction of 10% cash discount, had been correctly entered in the bank account and discounts allowed accounts, but only the actual amount received had been entered in the receivable's account

2. An invoice for 940, including VAT at 17.5%, had been correctly recorded in the purchases and VAT accounts, but only the net goods value had been entered into the payable's account.

Which of the following options provides the entries necessary to correct the above errors?

The answer is:

AOption A

BOption B

COption C

DOption D

Show Suggested Answer

Suggested Answer: B

by An at Apr 19, 2023, 01:36 PM

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Hubert

7 months ago

Not sure about that, looks too simple!

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Goldie

7 months ago

Option A seems right to me.

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Ethan

7 months ago

Wait, how did they mess up the receivable's account?

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Arlean

7 months ago

Totally agree, that's a common mistake!

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Yolande

8 months ago

The cheque was for 900 after a 10% discount.

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Jutta

8 months ago

I think I recall that we need to adjust both the receivable and payable accounts, but I can't remember the exact entries.

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Lai

8 months ago

I feel a bit confused about the VAT part. Did we cover how to adjust the payable's account correctly?

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Fallon

8 months ago

This question seems similar to one we practiced where we had to adjust accounts for discounts. I think I need to focus on the amounts involved.

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Floyd

8 months ago

I remember something about correcting entries for discounts and VAT, but I'm not sure how to apply it here.

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Ming

8 months ago

No problem, I've done stuff like this before. I'll just follow the steps - find the MailingList data source in the Documents folder, then preview the merge for the first record. Easy peasy.

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Filiberto

8 months ago

Hmm, I'm a bit unsure about this one. The question is asking about a specific BGP update, so I'll need to make sure I understand the details of how BGP updates are handled and propagated between routers.

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Ardella

1 year ago

Ah, the joys of bookkeeping. I wonder if the exam makers are trying to trip us up with these 'hidden' errors. Better double-check my work!

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Lorrie

11 months ago

I'll make sure to review my entries carefully before finalizing them.

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Thomasena

11 months ago

I agree, it's always a good idea to double-check our work to avoid errors.

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Maile

11 months ago

I think we really need to pay attention to details when recording transactions.

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Jarod

11 months ago

I know right, bookkeeping can be tricky sometimes.

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German

12 months ago

Mindy: I agree, Option A seems to be the right choice.

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Isaac

1 year ago

User 3: I think the correct option to correct the errors is Option A.

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Mindy

1 year ago

User 2: Definitely, it's important to double-check everything.

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Brynn

1 year ago

User 1: I know right, bookkeeping can be tricky sometimes.

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Matt

1 year ago

Wait, did they just say 'VAT at 17.5%'? What is this, a British tax exam? *chuckles* Anyway, better focus on the task at hand.

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Aleshia

1 year ago

I agree, let's not get sidetracked. We need to choose the correct option to fix the book-keeping errors.

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Domonique

1 year ago

Yeah, it does sound like a British tax exam. But let's not get distracted, we need to focus on correcting the errors.

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Lai

1 year ago

Alright, let's see... Deducting cash discount, entering the right amounts in the right accounts. Sounds like a classic accounting puzzle. Time to put on my thinking cap!

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