Net realisable value Study guides, Study notes & Summaries

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...

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...

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 ...

this document includes 2nd year notes and examples. It is a concise summary of how to attempt inventory questions with examples as well as notes

CFA Level 1 Exam 1744 Questions with answers 2023 n Factorial - CORRECT ANSWER For a positive integer n, the product of the first n positive integers; 0 factorial equals 1 by definition. n factorial is written as n!. Accounting costs - CORRECT ANSWER Monetary value of economic resources used in performing an activity. These can be explicit, out-of-pocket, current payments, or an allocation of historical payments (depreciation) for resources. They do not include implicit opportunity cos...

This question must be answered in your examination answer book – please only write down the number that you think is correct. Each question has only one correct answer. The marks per question are indicated in brackets at the end of each question. (a) The following list of balances appear, amongst others, in the accounting records of Vusi Ltd on 31 October 2020: Ordinary share capital (shares issued at R2.30 each) R1 265 000 Proceeds of ordinary shares issued on 30 June 2020 R 540 000 (Shares i...

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 ...

Which ONE of the following statements best describes 'residual value'? 1. The estimated net amount currently obtainable if the asset were at the end of its useful life 2. The present value of estimated future cash flows expected to arise from the continuing use of the asset and from its ultimate disposal 3. The amount at which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction 4. The amount of cash or cash equivalents that could currently ...

How can we calculate the cost of inventories? What is the net realisable value and how do we calculate it? What is the value added tax? Construction contracts and how to recognise contract revenues and expenses

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...