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VICAccountingQuick questions
Unit 3: Financial accounting for a trading business
Quick questions on Qualitative characteristics and accounting assumptions (VCE Accounting Unit 3)
1short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the van?Show answer
Under the going concern assumption the business is expected to keep using the van, so it is reported at its carrying amount of 22,000 dollars, not at its 18,000 dollar resale value. The resale value is irrelevant because the asset is not for sale.
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