題目

Which one of the following statements about the use of a continuous inventory system is INCORRECT?

A

In a retail organisation, a continuous inventory system can be used to keep track of the quantity

of each stock item available in its distribution centres

B

Under continuous inventory, the cost of each receipt of inventory and the cost of each issue from inventory is recorded individually

C

A continuous inventory system removes the need for periodic physical inventory counts.

D

Both the FIFO and average cost (AVCO) methods of pricing inventory may be used within

acontinuous inventory system

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Chapter7Inventory

Continuous inventory reduces the need for physical inventory counts, but in practice periodiccounts are needed to ensure

that the recorded quantities of inventory match the physical quantities that are held (and, for example, there have not been

significant losses of inventory due to theft)

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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