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April 08, 2026, 11:51:22 am
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Author Topic: Question for those accounting wizards  (Read 957 times)  Share 

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RossiJ

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Question for those accounting wizards
« on: November 06, 2011, 12:54:38 pm »
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OK genuinely easy question from 2.5.2 in TSSM 2010 Exam 2B

Sent this to my teacher::

"Where it asks us to calculate the adjusted gross profit figure via the P&L
I deducted the cost price of the sales return from cost of sales to get 343,750
However, the answers say that it is 350,000
Just wanted to clarify and check that you put the sales return in at the selling price and then you deduct the cost price of that from cost of sales?"

So am I wrong, or the answers wrong?  :-\
- Thanks <3
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soccerboi

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Re: Question for those accounting wizards
« Reply #1 on: November 06, 2011, 01:05:36 pm »
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Is tssm 2010 exam error free? I didnt do it yet cause i thought there was gonna be errors like prvious tssm exams.
Can u verify this for me?,thanks:)
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RossiJ

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Re: Question for those accounting wizards
« Reply #2 on: November 06, 2011, 01:38:57 pm »
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Quote from: soccerboi on November 06, 2011, 01:05:36 pm
Is tssm 2010 exam error free? I didnt do it yet cause i thought there was gonna be errors like prvious tssm exams.
Can u verify this for me?,thanks:)

a couple of badly worded solutions and this error which I just mentioned
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MaddehZ

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Re: Question for those accounting wizards
« Reply #3 on: November 06, 2011, 03:55:46 pm »
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you are correct brah, sales returns should be listed above cogs, cost of sales should decrease by the cp of the stock


tssm make crappy accounting exams
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BoredSatan

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Re: Question for those accounting wizards
« Reply #4 on: November 06, 2011, 06:08:27 pm »
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you're probably right but make sure that you also take out the cost price of the return from the COS as well.
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