The following balances have been extracted from the nominal ledger accounts of Tanya,?for bank loan is unknown.?There are no other accounts in the main ledger
.Payables?$? 27,000
Capital?66,000
Purchases?160,000
Sales?300,000O
ther expenses?110,000
Receivables?33,000
Purchase returns?2,000
Non-current assets?120,000
Cash in bank?18,000
Bank loan?UnknownWhat is the credit balance on the bank loan account??
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
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
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
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?
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