Under the Accounting Standard Governing the Presentation of the Statement

question 15

Multiple Choice

Under the accounting standard governing the presentation of the statement of profit or loss,the item that is not required to be presented on the face of the statement for a retail entity is:

• A) cost of sales.
• B) finance costs.
• C) depreciation.
• D) tax expense.

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Definitions:

Client-Visits

The act of meeting clients in person for business purposes, such as providing services, building relationships, or making sales.

Flexible Budget

A budget that adjusts or flexes with changes in the level of activity or volume of production.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, maintenance, and salaries of production supervisors, not directly tied to the production of an individual product.

Spending Variance

The difference between the budgeted or standard cost of something and its actual cost, often analyzed in budgeting and cost control.