Acca financial Accounting (FA) Study Text ac ca (FA)

Chapter 23 

KAPLAN PUBLISHING

501 

Required: 

Task 1 

(a)

‘Drag and drop’ the following two items to identify in which

statement of profit or loss heading they should be included.

Items: Returns inwards/ Returns outwards

(2 marks) 

Selection 

Revenue

Cost of sales 

Distribution expenses 

Administrative expenses 

(b)

What is the depreciation charge to be included in the statement

of profit or loss for the year? 

(2 marks) 

$______ 

(c)

At what valuation should closing inventory be included in the

financial statements for the year ended 31 December 20X1?

(2 marks)

$______ 

Task 2 

(a)

Which of the following correctly calculates the figure to include

in the statement of financial position for net trade receivables?

(2 marks)

Selection 

$30,500 – $2,000  

$30,500 – $2,000 – $4,000 

$30,500 + $2,000 – $4,000 

(b)

What is the loan interest finance charge to be included in the

statement of profit or loss for the year? 

(2 marks) 

$______ 

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