(i)Sofa sets for sale to customers
(ii)Shelves for display of ornaments for sale to customers
(iii)Tables and chairs for sale to customers
(iv)High stools for customers' use at the cashier's counter
(i), (ii) and (iii)
(i) and (iii)
(ii) and (iv)
All of the above
Jake is a trader of office equipment and he purchased a laser printer for resale. In this transaction, the laser printer bought is considered a ______________.
non-current asset as well as a current asset
Which of the following is not a cost of purchase?
Delivery cost from the warehouse to the retail store
Salary of the salesman who sold the goods
Cost of repackaging the goods for sale
Import duties for goods purchased overseas
A batch of goods that cost $3,000 has its packaging damaged during delivery. It was sold for $2,700. What is the effect on profit for the period?
Decreased by $300
Increased by $2,700
Increased by $300
The cost of inventory for ABC Trading was $6,000. Due to exposure to the elements, the net realizable value for the inventory was $4,200. The book-keeper omitted to record the impairment loss on inventory. As a result ABC Trading’s profit for the period is
understated by $1,800.
overstated by $4,200.
overstated by $1,800.