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Opening inventory

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Opening inventory

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  • March 20, 2023 at 5:06 am #681534
    Muhammadi
    Participant
    • Topics: 31
    • Replies: 59
    • ☆☆

    Does opening inventory belong in the P/L account?

    I think it does ,but the kit says it doesn’t.

    What is the correct answer?

    Thanks!

    March 20, 2023 at 8:56 am #681581
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54655
    • ☆☆☆☆☆

    We do not call it the P?L account – it is called the Statement of Profit or Loss.

    This is a bit of a trick question. It is the cost of sales that appears in the SOPL (the opening and closing inventory are just used to be able to calculate the cost of sales).

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