Wanda keeps no accounting records. The following information is available about her position and transactions for the year
ended 31 December 20X4:
$
Net assets at 1 January 20X4 210,000
Drawings during 20X4 48,000
Capital introduced during 20X4 100,000
Net assets at 31 December 20X4 400,000
Based on this information, what was Wanda's profit for 20X4?
Opening net assets 210,000 + Profit + Capital introduced + Profit + 100,000 -Drawings = Closing net assets
48,000 = 400,000
Profit = $138,000
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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