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Effect of Purchase on Credit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Effect of Purchase on Credit

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by John Moffat.
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  • October 21, 2015 at 11:30 pm #278286
    Sir Insanity
    Participant
    • Topics: 28
    • Replies: 44
    • ☆☆

    Q What’s the effect of purchase on profit?

    The answer gave: None – with the reason that the goods haven’t been sold yet.

    However, sold or not, purchases do form part of the COS, so how do we know whether or not they’ve been sold?

    October 22, 2015 at 7:53 am #278332
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    Buying goods is not what makes profit – it is only when goods are sold that a profit is made.

    October 23, 2015 at 5:52 pm #278594
    Sir Insanity
    Participant
    • Topics: 28
    • Replies: 44
    • ☆☆

    I’ll bear that in mind – thanks. 🙂

    October 23, 2015 at 7:58 pm #278620
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    You are welcome 🙂

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