A business compiling its financial statements for the year to 31 July each year pays rent quarterly in advance on 1 January,
1 April, 1 July and 1 October each year. The annual rent was increased from $60,000 per year to $72,000 per year as from 1 October 20X3.
What figure should appear for rent expense in the business’s statement of profit or loss and other comprehensive income for
the year ended 31 July 20X4?
$
August to September 60,000 x 2/12 10,000O
ctober to July 72,000 x 10/12 60,000
70,000
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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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