Today we have a question relating to the new 2019 syllabus for F1.
The question was:
If an organisation’s Statement of Financial Position was constructed so that Total Liabilities and Equity equalled £12,000,000
What must total assets equal?
This question relates to ‘B: Financial Statements’ and is a slightly different version of the question in one of our free mock exams.
The correct answer was…
In short, this question is testing your knowledge of the accounting equation. If Liabilities and Equity is one half of the Statement of Financial Position, then Total Assets must equal the same: £12,000,000.
For more free questions use our Free CIMA Mock Exams for the 2019 syllabus use the menu above to access our little shop, at the same time you’ll have the option to upgrade to our + package which includes 50% more CIMA Mock Exam style questions, feedback and both revision and timed assessment modes plus much more.