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Aluki fixes prices to make a standard gross profit percentage on sales of 20%.

The following information for the year ended 31 January 20X3 is available to compute her sales total for

the year.

$

Inventory： 1 February 20X2 243,000

31 January 20X3 261,700

Purchases 595,400

Purchases returns 41,200

What is the sales figure for the year ended 31 January 20X3?

A

$669,375

B

$702,600

C

$772,375

D

$741,480

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Chapter17Incompleterecords

$669,375 $

Cost of sales 243,000

Opening inventory 595,400

Purchases Less (41,200)

purchases returns 797,200

Less: closing inventory (261,700)

535,500 :

Sales = 535,500 x 100/80 = = $669,375

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?

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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