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Eve started a business on 1 January 20X2 selling used cars. During the year to 31 December 20X2, Eve purchased 30 cars and sold 20 cars.
In SOPL for the year to 31 December 20×2, Eve included the cost of 26 cars as part of the cost of sales and treated the remaining 4 cars as closing inventory.
What accounting concept is Eve applying in F/Ss to 31 Dec 20X2?
I think the answer is (c).
Am I right, sir? answer my question pls.
Why are you attempting questions for which you do not have the answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – they have answers!
The answer is ‘d’.