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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

$1,333,500

B

$1,587,500

C

$2,381,250

D

The sales revenue figure cannot be calculated from this information

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Chapter17Incompleterecords

$

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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