Wanda Co allows customers to return faulty goods within 14 days of purchase. At 30 November 20X5 a provision of $6,548
was made for sales returns. At 30 November 20X6, the provision was re-calculated and should now be $7,634
What should be reported in Wanda Co's statement of profit or loss for the year to 31 October 20X6 in respect of the
provision?
The provision should be increased by $1,086, the double entry is therefore Dr Expenses, CrProvision.
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?
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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