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A business commenced with capital in cash of $1,000. Inventory costing $800 plus sales tax ispurchased on credit, and half is sold for $1,000 plus sales tax, the customer paying in cash at once. The sales tax rate is 20%.

What would the accounting equation after these transactions show?

A

Assets $1,800 less Liabilities $200 equals Capital $1,600

B

Assets $2,200 less Liabilities $1,000 equals Capital $1,200

C

Assets $2,600 less Liabilities $800 equals Capital $1,800

D

Assets $2,600 less Liabilities $1,000 equals Capital $1,600

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Chapter13Salestax

Assets $

Opening cash 1,000

Cash received $(1,000 + 200 sales tax) 1,200

Closing cash 2,200 Inventory $(800 - 400) 400

2,600

Liabilities Opening liabilities Sales tax payable $(200 - 160) 40

Purchase inventory $(800 + 160 sales tax) 960

Closing liabilities 1,000 Capital Opening capital 1,000

Profit on sale of inventory $(1,000 - 400) 600

Closing capital 1,600

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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