Exam Questions on Stock Validation (Grade 12 NSC Matric Accounting): Flashcards
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Trading Account columns for stock validation
Trading Account columns for stock validation
Two: Rand amounts and units
Cost of sales formula
Cost of sales formula
Opening + Purchases + Carriage + Customs - Closing stock
Gross profit formula
Gross profit formula
Sales (net) - Cost of sales
Stock turnover ratio formula
Stock turnover ratio formula
Cost of sales ÷ Average stock
Mark-up % formula
Mark-up % formula
(Gross profit ÷ Cost of sales) × 100
FIFO closing stock composition
FIFO closing stock composition
Most recently purchased items
Weighted avg method principle
Weighted avg method principle
All stock valued at same average cost per unit
Weighted avg cost per unit calculation
Weighted avg cost per unit calculation
Total value ÷ Total units
Stock validation formula (expected closing stock)
Stock validation formula (expected closing stock)
Opening stock + Purchases - Sales
Stock theft journal entry
Stock theft journal entry
Dr: Trading stock deficit; Cr: Trading stock