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CIMAPRA17-BA3-1 Exam - Topic 1 Question 91 Discussion

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

Question #: 91
Topic #: 1

[All CIMAPRA17-BA3-1 Questions]

Which ONE of the following is an asset?

ASales tax paid on an item

BSales tax received from the sale of an item

CSales tax exempt from an item

Show Suggested Answer

Suggested Answer: B

by Annamae at Jun 30, 2024, 02:24 PM

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Adria

8 months ago

Just to clarify, B is the correct answer!

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Matthew

8 months ago

Wait, is B really considered an asset? Seems off.

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James

8 months ago

Sales tax received is an asset, no doubt!

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Carli

8 months ago

I thought A could be an asset too, but I guess not.

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Abraham

9 months ago

B is definitely an asset!

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Tracey

9 months ago

I’m confused about the sales tax exempt option. Does that mean it’s not an asset either?

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Elbert

9 months ago

This question feels similar to one we practiced about liabilities and assets. I think sales tax paid is more of an expense, right?

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Veronika

9 months ago

I’m not entirely sure, but I remember something about assets being resources owned by a business.

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Ilda

9 months ago

I think sales tax received might be considered an asset since it’s money we collect from customers.

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Chaya

9 months ago

Okay, I've got it. An asset is something that has value and generates economic benefit. Sales tax received would be considered an asset.

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Martina

9 months ago

I'm a bit confused by this question. Can someone explain what qualifies as an asset again?

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German

9 months ago

I've got this! Sales tax paid on an item is an expense, not an asset. The correct answer is B.

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Bea

9 months ago

Hmm, I'm not totally sure about this. I'll have to review my notes on assets and liabilities.

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Mabelle

10 months ago

This is a tricky one, I'll have to think carefully about the definition of an asset.

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Carri

10 months ago

I'm a bit confused on this one. I'll need to review the documentation to make sure I understand the distinction between ... and -.

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Nydia

10 months ago

I remember we practiced similar questions about screens and schemes, but I'm unsure if two screens can really cover both issue types.

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Almeta

10 months ago

The Burndown Chart is definitely the right answer here. It's a classic project management tool that tracks progress against the planned timeline.

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Nobuko

10 months ago

This mirrors practice Qs: set 7500 Ã— a-angle-36-i = 180,000 to find the monthly rate, then annualize.

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Cheryl

1 year ago

The only asset I see here is the opportunity to learn from this experience and become a better accountant. Or maybe just a better Cheryl.

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Sherita

1 year ago

This is a real head-scratcher. I'm just going to guess and hope for the best. Maybe I should have studied more accounting puns to prepare for this kind of question.

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Brandee

1 year ago

I think the answer is B) Sales tax received from the sale of an item.

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Justine

1 year ago

C) Sales tax exempt from an item

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Claudio

1 year ago

B) Sales tax received from the sale of an item

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Frank

1 year ago

A) Sales tax paid on an item

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Silva

1 year ago

I'm going with B. It's the only one that actually represents something the business can use or sell, even if it's just temporarily holding the sales tax before remitting it to the government.

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Margurite

1 year ago

C doesn't really represent anything of value to the business, so I don't think it's an asset.

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William

1 year ago

I think A could also be considered an asset, since it's money that the business paid and can potentially recover.

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Domonique

1 year ago

I agree, B is the correct answer. It's a tangible asset that the business can use.

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Malcom

1 year ago

Hmm, I'm not so sure. Isn't a sales tax paid an expense, not an asset? This exam question is tricky!

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Mabelle

1 year ago

C) Sales tax exempt from an item

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Jamey

1 year ago

B) Sales tax received from the sale of an item

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Marnie

1 year ago

A) Sales tax paid on an item

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Kris

1 year ago

I'm pretty sure an asset is something of value that the business owns, not a tax payment or exemption. B seems to be the right answer here.

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Clorinda

1 year ago

Exactly, it adds value to the business.

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Brunilda

1 year ago

So, sales tax received from the sale of an item would be considered an asset.

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Tammara

1 year ago

I agree, an asset is something valuable that the business owns.

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Denae

1 year ago

I think B is the correct answer.

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Irma

1 year ago

I agree with Catina, B) Sales tax received from the sale of an item is an asset because it's money coming in.

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Ressie

1 year ago

I disagree, I believe the answer is A) Sales tax paid on an item because it's a liability.

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Catina

1 year ago

I think the answer is B) Sales tax received from the sale of an item.

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