Doggard Co is a business that sells second hand cars. If a car develops a fault within 30 days of the sale, Doggard Co will
repair it free of charge.At 30 April 20X4 Doggard Co had made a provision for repairs of $2,500. At 30 April 20X5 Doggard
Co calculated that the provision should be $2,000.What entry should be made for the provision in Doggard Co's statement of
profit or loss for the year to 30 April 20X5?
Doggard Co needs to reduce the provision by $500 ie a credit to the statement of profit or loss.
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?
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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