Net realisable value - Study guides, Study notes & Summaries

FAC1601 ASSIGNMENT 3 SEMESTER 1 2023 (366858) [School] [Course title] FAC1601 Assignment 3 Semester 1 2023 (366858) Due to the high crime rate in South Africa, Thabo and Nandi have a close corporation trading as Best Security CC. The services provided by the CC include VIP protection, Communitysecurity services, Surveillance monitoring and Access control. The close corporation provides services within Gauteng in the Sandton Area. The financial period for the CC ends 28February. The ...

Objective Tests in Financial Accounting Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100 Correct with Explanations, Highly Recommended, Download to Score A+ CHAPTER ONE Components of the Balance Sheet: Assets, Liabilities and Capital 1. The balance sheet is intended to show: (a) The nature of the business. (b) The ownership of the business. (c) The financial position of the business. (d) The size of the business. 2. Categorise the following items as ...

Question 1 Substantive procedures to audit the value of finished goods Reference: Principle and practice of Auditing 1/24 Costing 1. Discuss the blueprints with Evans to obtain a general understanding of the diagram and the costing 2. Observe the manufacturing process and establish the reasonableness of the components, measurements and quantities as reflected the blueprints 3. Compare the blueprints (components, quantities and measurements) with previous years working papers to establis...

A summary of the definition, categories, measurement, systems, and net realisable value of inventory as well as the manufacturing cost and application rates and extended credit terms.

1. Chapter 04 Test Bank Student: ___________________________________________________________________________ Who is responsible for the preparation of the financial report? A. Auditor . B. Manageme nt. C. Both auditor and management. D. None of the answers given are correct. Original accounting data comprises: A. the basic data related to entity transactions. B. information contained in the financial report. C. depreciation and amortisation of the entity’s assets. D. all entries ma...

MAC3701 Assignment 1 Semester 1 2023 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on 079 811 9845 . QUESTION 1 Which one of the following is not a characteristic of activity-based-costing (��ABC”) system? A. Because of the extensive number of cost drivers that must be identified and measured, this costing system can be prohibitively expensive to implement and operate. B. The allocation basis is referred to as ‘cost driver’, as a cause-and-eff...

Conceptual Framework, recognition and derecognition of elements, measurement of elements, Inventories (periodic + perpetual), Net realisable value, Insurance claims, Value-added tax, sale/trade discount, allowance for discount, Allowance for credit losses, Manufactauring of goods, Bank reconciliations statements, Partnerships, Non-trading entities. (24 pages)

ASS CH13 Questions and Answers 2023 2 Which one of the following assertions is the assurance provider least concerned with when testing a non-current asset balance? A Existence B Rights and obligations C Completeness D Cut-off LO 3d D 3 Which three of the following are the more significant risks in relation to an inventory balance in the financial statements? A Inventory exists but has not been included in the financial statements B Inventory has been valued at cost when net rea...

ACCT 2401 ALL ONLINE TEST ACCOUTING QUESTIONS AND ANSWERS AVAILABLE 2022-2023 • If total sales is $90000, office expenses is $30000 and rent expense is $15000, profit or loss is which of the following? Selected Answer: $45000 profit Answers: $45000 profit $45000 loss $75000 loss $75000 profit Feedback: Profit equals $45000 = ($90000 – $30000 – $15000). Learning Objective 2.3 ~ outline the basic financial statements used in business to report to users for decision-making ...

GAAP (Generally Accepted Accounting Principles) - correct answer Various rules and regulations which limited companies are required to observe. These are established national accounting procedures. Main components are normally accounting standards (IFRS), National company law (e.g. Companies Act 2006 in the UK), Stock exchange requirements. Accounting standards (Organisation vs Standards) - correct answer International Accounting Standards Committee (IASC) - International Accounting...