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CIMAPRA19-E01-1 Exam - Topic 3 Question 83 Discussion

Stephanie has just secured a job as a management accountant for a well-known banking firm. She needs to understand the organisation's financial position.What should she do first in order to gain this understanding?
A) Record the organisation's transactions in the books of prime entry.
B) Inform the tax authorities of the organisation's revenues.
C) Total all the day books and enter them into ledgers.
D) Submit the company's accounts to the IFRS.

CIMAPRA19-E01-1 Exam - Topic 3 Question 83 Discussion

Actual exam question for CIMA's CIMAPRA19-E01-1 exam
Question #: 83
Topic #: 3
[All CIMAPRA19-E01-1 Questions]

Stephanie has just secured a job as a management accountant for a well-known banking firm. She needs to understand the organisation's financial position.

What should she do first in order to gain this understanding?

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Suggested Answer: A

by Mona at Mar 15, 2024, 04:21 AM

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Jamey
9 months ago
Submitting to IFRS? That seems way too advanced for a first step!
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Loren
10 months ago
Totaling day books is crucial too, but not first!
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Antonio
10 months ago
Wait, isn't informing tax authorities more important?
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Joanne
10 months ago
I agree, that's the best first step.
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Arthur
10 months ago
She should definitely start with the books of prime entry!
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Candida
10 months ago
I’m a bit confused; I thought informing tax authorities was crucial, but maybe that’s not the first step in understanding the financial position?
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Detra
11 months ago
Submitting accounts to IFRS seems like something that comes later, right? I don't think that's the first thing she should do.
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Ahmad
11 months ago
I remember a practice question about understanding financial positions, and I feel like totaling day books and entering them into ledgers was important too.
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Kimi
11 months ago
I think she should start by recording transactions in the books of prime entry, but I'm not entirely sure if that's the very first step.
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Louvenia
11 months ago
I feel pretty confident about this one. The question is asking what Stephanie should do first, so the obvious answer is option A - recording the organization's transactions in the books of prime entry. That's the fundamental first step for a management accountant to understand the financial position.
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Chantell
11 months ago
Okay, let me think this through. As a new management accountant, the first thing Stephanie should probably do is get a high-level understanding of the organization's financial position. So I'm leaning towards option D - submitting the company's accounts to the IFRS. That seems like it would give her a good starting point.
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Annett
11 months ago
Hmm, I'm a bit unsure about this one. The question is asking what Stephanie should do first, so I'm not sure if option C is the best choice since that involves more detailed accounting work. Maybe I should consider the other options more closely before deciding.
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Cyril
11 months ago
This seems like a straightforward question about the first steps a new management accountant should take. I think I'll go with option C - totaling the day books and entering them into the ledgers. That seems like a logical starting point to get a handle on the organization's financial records.
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Alyce
11 months ago
I'm feeling pretty confident about this one. The question is specifically asking about file-system buffering, so I'm going to go with option B, "durableQueueSize".
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Pedro
11 months ago
Ah, I've got this one! Reversing entries are the exact opposite of the previous adjustments, so the correct answer is D.
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Eura
11 months ago
Ah, I've got this! SecOps is all about the people, processes, and technology, but it also requires a deep understanding of the business, accessibility, and overall strategy. I'm feeling good about this one.
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Melissa
11 months ago
If I recall correctly, HTTP has identifiable patterns in the payload. I guess I'll lean towards that option for this question.
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Kristal
11 months ago
Hmm, I'm not sure about this one. I know we need to move the backups, but I'm not familiar with the different commands. I'll have to think this through carefully.
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Darell
11 months ago
Hmm, this is a tricky one. There are a few options that seem plausible, but I'm not entirely sure which ones are the "advantages" they're looking for. I'll have to think this through carefully.
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Vicky
2 years ago
I don't think that's the first step. Totaling all the day books and entering them into ledgers would give her a clearer financial picture.
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Fernanda
2 years ago
But shouldn't she also inform the tax authorities of the organisation's revenues?
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Reta
2 years ago
I agree, that way she can keep track of all the financial activities of the organisation.
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Tomas
2 years ago
I think Stephanie should record the organisation's transactions in the books of prime entry first.
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Staci
2 years ago
That's true. It will provide transparency and credibility to the financial statements.
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Lilli
2 years ago
I think submitting the company's accounts to the IFRS is important too in order to ensure compliance with international financial reporting standards.
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Nohemi
2 years ago
Yes, that's a good point. It will help her see the overall financial health of the organization.
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Brandon
2 years ago
But shouldn't she total all the day books and enter them into ledgers to have a clear picture of the financial position?
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Novella
2 years ago
I agree, that way she can see all the financial activities of the organisation.
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Cammy
2 years ago
I think Stephanie should record the organisation's transactions in the books of prime entry first.
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