CIMA BA3 Exam : Fundamentals of Financial Accounting

  • Exam Code: BA3
  • Exam Name: Fundamentals of Financial Accounting
  • Updated: Sep 13, 2026
  • Q & A: 395 Questions and Answers

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CIMA BA3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Accounting Adjustments and Controls- Non-current assets and depreciation
- Errors and suspense accounts
- Inventory valuation and adjustments
Topic 2: Financial Statements Preparation- Income statement and statement of financial position
- Accruals and prepayments adjustments
Topic 3: Accounting Fundamentals and Principles- Double-entry bookkeeping system
- Basic accounting concepts and principles
Topic 4: Recording Financial Transactions- Control accounts and reconciliations
- Ledger accounts and trial balance preparation

CIMA Fundamentals of Financial Accounting Sample Questions:

Question #1

As well as independence other essential elements of internal audit can be identified.
Which THREE of the following would be classed as essential elements of internal audit?

  • A. Evidence
  • B. Relationships
  • C. Efficient
  • D. Cost efficient
  • E. Timely
  • F. Due care
Reveal Solution  Discussion  0

Correct Answer: A,B,F  🗳️

Question #2

The valuation of inventory in a manufacturing company will consist of:

  • A. All direct costs plus a share of production overheads
  • B. All direct costs plus a share of production and non-production overheads
  • C. Direct material and direct labor only
  • D. Direct material, direct labor and direct expenses only
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

AB sold a machine for $15,000 The machine had originally cost $160,000 and al the dale of disposal had a carrying value of $26,000.
The journal entry lo record this disposal is:
A)

B)

C)

D)

  • A. Option D
  • B. Option B
  • C. Option A
  • D. Option C
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Question #4

Refer to the Exhibit.

Double entry forms the basis of financial accounting records.
Which of the following combinations is correct?

  • A. A
  • B. D
  • C. B
  • D. C
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Question #5

An accounting system should provide an audit trail for all its transactions Which of the following describes an audit trail?

  • A. Provision of a complete history of any given financial transaction
  • B. A timetable of deadlines of the audit
  • C. The planned audit process
  • D. A review of the audit process completed
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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