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The net assets of Altese, a trader, at 1 January 20X2 amounted to $128,000. During the year to31 December 20X2 Altese

introduced a further $50,000 of capital and made drawings of $48,000. At 31 December 20X2 Altese's net assets totalled

$184,000.What is Altese's total profit or loss for the year ended 31 December 20X2?

A

$54,000 profit

B

$54,000 loss

C

$42,000 loss

D

$58,000 profit

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Chapter5Ledgeraccountsanddoubleentry

Increase in net assets = Capital introduced + profit - drawings184,000 - 128,000 = 50,000 + profit - 48,000Profit = 56,000 -

50,000 + 48,000=$54,000

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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