A business has compiled the following information for the year ended
Opening inventory Purchases Closing inventory
The gross profit as a percentage of sales is always 40%
Based on these figures, what is the sales revenue for the year?
A business has compiled the following information for the year ended
Opening inventory Purchases Closing inventory
The gross profit as a percentage of sales is always 40%
Based on these figures, what is the sales revenue for the year?
???????????????????????????????????????????????????????????? $
Opening inventory??????????????????????????? ?386,200?
Purchases???????????????????????????????????????? 989,000
Closing inventory??????????????????????????? ?(422,700)
Cost of sales??????????????????????????????????? ??952,500
952,500 x 100/60 = 1,587,500
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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