Lance is entering an invoice for a new item of equipment in the accounts. The invoice shows thefollowing costs:
Water treatment equipment $39,800
Delivery $1,100
Maintenance charge $3,980
Sales tax $7,854
Invoice total $ 52,734
Lance is registered for sales tax.
What is the total value of capital expenditure on the invoice?
$
Water treatment equipment 39,800
Delivery 1,100
40,900
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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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