A sole trader who does not keep full accounting records wishes to calculate her sales revenue for the year.The information available is:
1 Opening inventory $17,000
2 Closing inventory $24,000
3 Purchases $91,000
4 Standard gross profit percentage on sales revenue 40%
Which of the following is the sales figure for the year calculated from these figures?
Cost of sales: $17,000 + $91,000 - $24,000 = $84,000
Sales 100%
Cost of sales 60%
Gross 40%
profit Sales: $840,000
________ =$140,000
60%
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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