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

Actual exam question for CIMA's CIMAPRA19-E01-1 exam

Question #: 83
Topic #: 3

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?

ARecord the organisation's transactions in the books of prime entry.

BInform the tax authorities of the organisation's revenues.

CTotal all the day books and enter them into ledgers.

DSubmit the company's accounts to the IFRS.

Show Suggested Answer

Suggested Answer: A

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

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Vicky

10 months 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

10 months ago

But shouldn't she also inform the tax authorities of the organisation's revenues?

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Reta

10 months ago

I agree, that way she can keep track of all the financial activities of the organisation.

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Tomas

10 months ago

I think Stephanie should record the organisation's transactions in the books of prime entry first.

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Staci

11 months ago

That's true. It will provide transparency and credibility to the financial statements.

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Lilli

11 months 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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