A manufacturing company receives an invoice on 29 February 20X2 for work done on one of itsmachines. $25,500 of the cost is actually for a machine upgrade,
which will improve efficiency. The accounts department do not notice and charge the whole amount to maintenance costs.
Machinery is depreciated at 25% per annum on a straight-line basis, with a proportional charge in the years of acquisition and disposal.
By what amount will the profit for the year to 30 June 20X2 be understated?
Cost less 4 months depreciation = 25,500 - 2,125 = $23,375
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?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
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
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
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?
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