A business statement of profit or loss and other comprehensive income for the year ended 31 December 20X4 showed a net
profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to motor expenses
account. It is the company's policy to depreciate motor vans at 25 per cent per year, with a full year's charge in the year of
acquisition.What would the net profit be after adjusting for this error?
$Draft net profit?83,600Add： purchase price?18,000Less: additional depreciation (18,000 x 25%)?(4,500)Adjusted profit?
97,100
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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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