The following information is available for the year ended 31 December 20X4 for a keep proper accounting records：
Inventories at 1 January 20X4 Inventories at 31 December 20X4 Purchases
Gross profit percentage on sales = 30%
Based on this information, what was the trader's sales figure for the year?
$
Cost of sales Opening inventory 38,000
Purchases 637.000
Less: closing inventory (45,000)
Sales 630,000 x 100/70 = $900,000 630.000
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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