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CIMA Official Learning System Fundamentals of Financial by Henry Lunt

By Henry Lunt

CIMA reliable studying platforms are the one coursebooks urged by way of CIMA. Written by way of a crew of specialists that come with prior and current CIMA examiners and markers, they comprise every thing you want to understand. each one publication maps to the syllabus bankruptcy by means of bankruptcy that can assist you examine successfully and strengthen studying with positive factors together with: - finished insurance of the entire syllabus - step-by-step assurance at once associated with CIMA's studying results - brand new examples and case reports - perform inquiries to attempt wisdom and figuring out - built-in readings to extend figuring out of key theories - color used all through to spotlight key studying issues * The professional studying platforms are the single learn fabrics counseled through CIMA * Key sections written by means of former examiners for the main actual, updated advice in the direction of examination luck * whole built-in package deal incorporating syllabus tips, complete textual content, steered articles, revision publications and large query perform

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Extra resources for CIMA Official Learning System Fundamentals of Financial Accounting, Sixth Edition

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Opening capital plus profit less drawings less liabilities equals assets. 4 An increase in inventories of $250, a decrease in the bank balance of $400 and an increase in payables of $1,200 results in: (A) (B) (C) (D) a decrease in working capital of $1,350. an increase in working capital of $1,350. a decrease in working capital of $1,050. an increase in working capital of $1,050. 5 A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the owner introduced capital of $4,000 and withdrew $8,000 for her own use.

1 Explain what is meant by the term ‘double-entry bookkeeping’. Solution Double-entry bookkeeping is a system of keeping records of transactions in ledger accounts such that every transaction requires debit and credit entries of equal value. For example, there might be a debit entry of $100 equalled by two credit entries of $90 and $10, respectively. The result of this method is that the total of debit balances on ledger accounts equals the total of credit balances. FUNDAMENTALS OF FINANCIAL ACCOUNTING ● ● ● ● ● assets liabilities capital revenues expenses.

The answer is that when a business commences, it is common for the owners to ‘invest’ some of their private resources in the business. As the business operates it generates its own resources in the form of profits, which technically belong to the owner. Some of the profits may remain in the business, while some may be withdrawn by the owner in the form of goods or cash. This withdrawal of profits in simple organisation structures such as sole traders is known as ‘drawings’. The equation that states that Assets ϭ Liabilities ϩ Capital can thus be seen to demonstrate the relationships that exist within any business.

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