The Following Information Relates to SellIT

question 15

Multiple Choice

The following information relates to SellIT:
• 5000 units of stock were sold for $10 per unit
• the cost of that stock to SellIT was $4.50 per unit
• other costs incurred during the period totaled $10 000
• proceeds on sale of an item of plant during the period was $2000
• the carrying amount of the plant at the date of disposal was $500.

SellIT would recognise the following amount as revenue for the period:

• A) $27 500
• B) $50 000
• C) $51 500
• D) $52 000

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Definitions:

Experimental Conditions

The controlled environment and variables under which an experiment is conducted to test hypotheses and observe outcomes.

Ethical Concerns

Issues or situations that require a consideration of what is right and wrong in terms of conduct or morality.

American Psychological Association

A leading scientific and professional organization representing psychology in the United States, dedicated to advancing the creation, communication, and application of psychological knowledge to benefit society.

Deception

The act of misleading or falsely persuading others, often involving concealing the truth or providing incorrect information.