A business had a balance at the bank of $2,500 at the start of the month. During the following month, it paid for materials
invoiced at $1,000 less trade discount of 20% and cash discount of 10%. It received a cheque from a customer in respect of
an invoice for $200, subject to cash discount of 5%.What was the balance at the bank at the end of the month?
$
Opening bank balance 2,500
Payment ($1,000 - $200) x 90% (720)
Receipt ($200 - $10) 190
Closing bank balance 1,970
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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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