題目

A company has decided to switch from using the FIFO method of inventory valuation to using the average cost method

(AVCO).

In the first accounting period where the change is made, opening inventory valued by the FIFO method was $53,200. Closing

inventory valued by the AVCO method was $59,800.Total purchases and during the period were $136,500.

Using the continuous AVCO method, opening inventory would have been valued at $56,200.

What is the cost of materials that should be included in the statement of profit or loss for the period?

A

$129,900

B

$132,900?

C

$135,900

D

$140,100

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Chapter7Inventory

The? cost of materials used should be based on opening and closing valuations of inventory atAVCO.

??????????????????????????????????????????????????????????????????????????? ??$

Opening????????? ?????????????????????????????????????????????????? ??56,200

inventory?????????????????????????????????????????????? ??????????? ?136,500

Purchases??????????????????????????????????????????????????? ??? ? 192,700

Less: Closing inventory Cost of materials used (59,800)

????????????????????????????????????????????????????????????????????????? ?132,900

多做幾道

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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