A trader sells goods for $6600 to a customer on 31 March 2025, the last day of his financial year. He does not produce an invoice until three days later. He is advised that the sales of $6600 should be entered in the financial statements for the year ended 31 March 2025. Which accounting concepts are being applied? 1 consistency 2 prudence 3 realisation

A business values its inventory at the lower of cost and net realisable value. Which accounting concept is being appl…

On 1 May, Tom sold an old motor vehicle with a net book value of $10000 to Arnold for $12000. Arnold paid $7500 by ch…

Which actions are taken in respect of the totals of a three-column cash book at the end of an accounting period?

A company has two departments in its factory. The details are shown. Machining department: budgeted fixed overheads $…

What would cause overheads to be over-absorbed?

A company has the following information for producing 2000 units of a product. sales revenue $85000, direct materials…