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CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 91 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam

Question #: 91
Topic #: 1

[All CIMAPRA17-BA3-1 Questions]

Which ONE of the following is an asset?

ASales tax paid on an item

BSales tax received from the sale of an item

CSales tax exempt from an item

Show Suggested Answer

Suggested Answer: B

by Annamae at Jun 30, 2024, 02:24 PM

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Cheryl

1 months ago

The only asset I see here is the opportunity to learn from this experience and become a better accountant. Or maybe just a better Cheryl.

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Sherita

1 months ago

This is a real head-scratcher. I'm just going to guess and hope for the best. Maybe I should have studied more accounting puns to prepare for this kind of question.

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Claudio

7 days ago

B) Sales tax received from the sale of an item

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Frank

18 days ago

A) Sales tax paid on an item

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Silva

1 months ago

I'm going with B. It's the only one that actually represents something the business can use or sell, even if it's just temporarily holding the sales tax before remitting it to the government.

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Margurite

7 days ago

C doesn't really represent anything of value to the business, so I don't think it's an asset.

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William

8 days ago

I think A could also be considered an asset, since it's money that the business paid and can potentially recover.

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Domonique

16 days ago

I agree, B is the correct answer. It's a tangible asset that the business can use.

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Malcom

2 months ago

Hmm, I'm not so sure. Isn't a sales tax paid an expense, not an asset? This exam question is tricky!

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Mabelle

1 months ago

C) Sales tax exempt from an item

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Jamey

1 months ago

B) Sales tax received from the sale of an item

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Marnie

1 months ago

A) Sales tax paid on an item

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Kris

2 months ago

I'm pretty sure an asset is something of value that the business owns, not a tax payment or exemption. B seems to be the right answer here.

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Clorinda

7 days ago

Exactly, it adds value to the business.

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Brunilda

20 days ago

So, sales tax received from the sale of an item would be considered an asset.

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Tammara

26 days ago

I agree, an asset is something valuable that the business owns.

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Denae

1 months ago

I think B is the correct answer.

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Irma

2 months ago

I agree with Catina, B) Sales tax received from the sale of an item is an asset because it's money coming in.

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Ressie

3 months ago

I disagree, I believe the answer is A) Sales tax paid on an item because it's a liability.

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Catina

3 months ago

I think the answer is B) Sales tax received from the sale of an item.

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