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The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory

count on 7 July 20X3,

which gave a total inventory value of $950,000.Between 30 June and 7 July 20X6, the following transactions took place.

$

Purchase of goods 11,750

Sale of goods (mark up on cost at 15%) 14,950

Goods returned by Global Co to supplier 1,500

What figure should be included in the financial statements for inventories at 30 June 20X3?

A

$952,750

B

$949,750

C

$926,750

D

$958,950

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Chapter7Inventory

950,000 - 11,750 + 1,500 + (14,950 x 100/115) = $952,750

多做几道

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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