IPA IP 2022 Question 11
A question IPA Japan published in 令和4年度 ITパスポート試験 公開問題 問11, translated into English. ITPEC is based on the same exams.
When all the transactions up to the close of business on May 31 with a business partner whose credit limit is set at 30 million yen are as shown in the table, what is the remaining credit available to the business partner at that point, in 10,000 yen? Here, orders received are also included in the credit, and collection by a promissory note before its maturity date is not regarded as collection.
Explanation
1,900 — the remaining credit is the credit limit minus the credit in use: sales not yet collected plus orders received.
Credit in use as of the close of business on May 31, in 10,000 yen:
- •Transaction ①: 400 recorded on 4/2 and collected in cash on 5/31, so 0 remains
- •Transaction ②: 300 recorded on 4/10; the promissory note received on 5/10 matures on 6/10, so it is not yet a collection and 300 remains
- •Transaction ③: 600 recorded on 5/15 and not collected, so 600
- •Transaction ④: an order of 200 received on 5/20; orders count toward credit, so 200
Credit in use: 300 + 600 + 200 = 1,100. Remaining credit: 3,000 − 1,100 = 1,900.
Answer (b)
Why not others:
- •(a) 1,100 — that is the credit in use, not what is left of the 3,000 limit
- •(c) 2,200 — treats the promissory note as collected, 3,000 − (600 + 200), although it does not mature until 6/10
- •(d) 2,400 — also leaves out the order, 3,000 − 600, though the question counts orders received toward credit
Key rule: Credit in use = uncollected sales + orders received (if counted); a note is not a collection until it matures, and the remaining credit is the limit minus that total.
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This question comes from the past questions IPA Japan publishes, translated into English by ITPEC Practice. ITPEC Practice is an independent study tool and is not affiliated with IPA or ITPEC. See the original paper (PDF) or Report an issue.