unsure questions on exam

[monokekie]

1. for the outflow statement for the six moneths, what is the bank balance at start?

2. for the omission of credit sales, what are the two revenue items?
    there are two sayings (creditsales and stock gain ) and (credit sales and net profit)

3. for the use of statment of account, what qualitative characteristic is it?

[Flaming_Arrow]

1. 20000
2. Sales and Stock Gain
3. Realibility

[monokekie]

why 20000?

[Flaming_Arrow]

because the owner contributed $20 000 at the start

[GoodGuys]

YESSSSSSSSSSSS

I FLUKED THAT BALANCE !!!!!!!!!!!!!!!!!!!!
OMG IM SO HAPPY.

Thanks flaming for re-assuring that question

[nbalakers24]

also why stock gain?

that was the question i had no clue.

[Flaming_Arrow]

in the trial balance there was a stock gain

[monokekie]

ova stated or unda stated?

[Flaming_Arrow]

overstated

[monokekie]

arhh i see thanks

[jag]

Explain the effect on net profit of using the FIFO cost assignment method at a time when suppliers' prices are falling?

[sophx]

what did people do for the balance day adjustment with the rent .. last question

[nbalakers24]

overtstates cost of sales, understates net profit?

[nbalakers24]

in the trial balance there was a stock gain

ahhh damn 3 marks out the door lol

[Flaming_Arrow]

overtstates cost of sales, understates net profit?

thats what i wrote.

what did people do for the balance day adjustment with the rent .. last question

$4000 as he paid in january for 3 months early, so rent will be for april may june