CIMA Exam CIMAPRA19-E01-1 Topic 6 Question 85 Discussion

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

Question #: 85
Topic #: 6

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 Bev at Apr 22, 2024, 06:59 AM

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Bonita

6 months ago

That's a good point, Having a comprehensive record in the ledgers is crucial for analysis.

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Marget

6 months ago

But shouldn't Stephanie also total all the day books and enter them into ledgers to get a clearer picture?

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Leota

7 months ago

I agree with keeping track of transactions is essential for understanding the financial position.

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Bonita

7 months ago

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

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Penney

8 months ago

Then she can total all the day books and enter them into ledgers for a detailed analysis.

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Queenie

8 months ago

Agreed, that would give her a clear overview of the financial position.

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Joye

8 months ago

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

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