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

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 account2. 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:
B) Option B
A) Option A
C) Option C
D) Option D

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

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 69
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

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:

Show Suggested Answer Hide Answer
Suggested Answer: B

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

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Hubert
10 months ago
Not sure about that, looks too simple!
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Goldie
10 months ago
Option A seems right to me.
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Ethan
10 months ago
Wait, how did they mess up the receivable's account?
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Arlean
11 months ago
Totally agree, that's a common mistake!
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Yolande
11 months ago
The cheque was for 900 after a 10% discount.
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Jutta
11 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
11 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
11 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
11 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
11 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
11 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
1 year ago
I'll make sure to review my entries carefully before finalizing them.
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Thomasena
1 year ago
I agree, it's always a good idea to double-check our work to avoid errors.
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Maile
1 year ago
I think we really need to pay attention to details when recording transactions.
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Jarod
1 year ago
I know right, bookkeeping can be tricky sometimes.
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German
1 year 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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Toi
1 year ago
Why do you think Option C is correct?
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Crista
1 year ago
I disagree, I believe the correct answer is Option C.
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Olive
1 year ago
Hmm, this is a tricky one. Gotta make sure I understand the details of those book-keeping errors before choosing an answer.
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William
1 year ago
Let's go with Option A then. It should help correct the book-keeping errors.
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Tawny
1 year ago
Option A seems to have the correct entries for both errors.
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Jeniffer
1 year ago
Yes, we should also adjust the payable's account for the invoice error.
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Leah
1 year ago
I think we need to adjust the receivable's account for the cheque error.
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Toi
1 year ago
I think the correct answer is Option A.
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