BA3 Exam Results

Fundamentals of Financial Accounting Questions and Answers

Question 57

Which THREE of the following are characteristics of financial accounting?

Records daily transactions

Monitors actual results to expected results

Meets external reporting requirements

Reports historic transactions

Meets management reporting needs

Is forward looking

Question 58

The sales ledger control account shows a balance of $267,984 whilst the individual customer account balances total $262,856.

Which of the following is a possible explanation for the difference between the two?

(i) A payment has been recorded in the cashbook but not in the sales ledger

(ii) A payment has been recorded in the sales ledger but not in the cashbook

(iii) An invoice has been recorded in the sales ledger but not in the sales day book

(iv) An invoice has been recorded in the sales day book but not in the sales ledger

(i) and (iii) only

(ii) and (iv) only

(i) and (iv) only

(ii) and (iii) only