On 31 December 20X0 the inventory of V was completely destroyed by fire. The following information is available:
1 Inventory at 1 December 20X0 at cost $28,400
2 Purchases for December 20X0 $49,600
3 Sales for December 20X0 $64,800
4 Standard gross profit percentage on sales revenue 30% Based on this information,
which of the following is the amount of inventory destroyed?
$
Sales (100%) 64,800
Cost of sales (70%) 45.360
Gross profit (30%) 19,440
$
Opening inventory 28,400
Purchases 49,600
Calculated closing inventory (bal fig) (32,640)
Cost of sales 45.360
Calculated closing inventory 32,640
Actual closing inventory -
Destroyed by fire 32,640
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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