An impairment loss is calculated as the amount by which the:

Which of the following assets does not decline in economic

benefits over the course of its useful life?

The balance in the Accumulated Depreciation account represents

the:

The depreciation method that applies a constant percentage to the

carrying amount at the end of year in calculating depreciation is:

A business had inventory on hand at the beginning of a period worth $1,000. 

During the period, purchases of inventory totalled $2,800, and sales (at cost price) totalled $1,500.

A physical stocktake revealed inventory worth $2,200 on hand.

The period's inventory loss or gain would be:

Gross profit is equal to net sales income/revenue less the cost of sales.

With the perpetual inventory method, detailed records are kept of only the physical quantities of inventory purchased and sold, not the cost price of them.

Technology can assist in presenting accounting data to help inform decision making.

Accounting information can be conveyed in numeric (report) format, but graphical representations can also present important information in an appealing way.

As businesses grow large, the volume of transactions and data they need to record and manage creates a need for Enterprise Resource Planning (ERP) software.