1/15
(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
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
(i), (ii) and (iii)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
(i) and (iii)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
(ii) and (iv)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
All of the above
2/15
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 ______________.
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
non-current asset
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
current asset
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
non-current asset as well as a current asset
3/15
Which of the following is not a cost of purchase?
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Delivery cost from the warehouse to the retail store
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Salary of the salesman who sold the goods
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Cost of repackaging the goods for sale
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Import duties for goods purchased overseas
4/15
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?
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Decreased by $300
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Increased by $2,700
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
Increased by $300
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
No effect
5/15
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
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
understated by $1,800.
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
overstated by $4,200.
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
no effect
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
overstated by $1,800.
6/15
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
7/15
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
8/15
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
9/15
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
10/15
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
![](https://i0.wp.com/principlesofaccounts.com/wp-content/plugins/smartquizbuilder/includes/images/import/sqb_empty.jpg?w=640&ssl=1)
11/15
12/15
13/15
14/15
15/15