題目

The financial year of Mitex Co ended on 31 December 20X1.

An inventory count on January 4 20X2 gave a total inventory? value of $527,300.

The following transactions occurred between January 1 and January 4.

?????????????????????????????????????????????????????????????????????????????????????? ??$

Purchases of goods?????????????????? ???????????????????????????????? ? ?7,900

Sales of goods (gross profit margin 40% on sales)??? ?? 15,000

Goods returned to a supplier?????????????????????????????????????????? ?800

What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?

A

$525,400

B

$527,600

C

$529,200

D

$535,200

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Chapter7Inventory

Inventory count, 4 January 20X2???????????????????????? ? 527,300

Purchases since end of? year??????????????????????????????? ?(7,900)

Cost of sales since end of year(15,000 x 60%)??????9,000

Purchase returns since end of year??????????????????????? ?800

Inventory at 31 December 20X1??????????????????????????? 529,200

多做幾道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

?The accruals concept

C

The going concern concept

D

?The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

?The going concern concept

D

The business entity concept

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

A

1?and?2

B

2?and?3

C

?1?and?4

D

3?and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

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?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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