O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2019 · Q241 Mark

Anita provided the following information for the year. $ sales 70000 profit for the year 7000 expenses 26000 opening inventory 2000 closing inventory 6000 What were the purchases?

A$33000

B$37000

C$41000

D$47000

✓ Correct answer

C: $41000

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2019 Paper 1 Variant 1, question 24.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsMay/June 201140m

Yip Sin is a manufacturer. The following balances were extracted from the books on 30 April 2011. $ Inventory at 1 M…

Preparation of financial statementsMay/June 20121m

Which group of items would appear in the capital and reserves section of a limited company balance sheet?

Preparation of financial statementsMay/June 20121m

Which statement is correct?

Accounting principles and policiesMay/June 20101m

A taxi firm received $500 from passengers. The firm sold a vehicle for $5000. How should these receipts be treated?

Accounting principles and policiesMay/June 20101m

Repairs to a motor vehicle were debited in error to the motor vehicles account. How does this affect the profit for t…

Verification of accounting recordsMay/June 20101m

The difference on a trial balance was entered in a suspense account. It was later found that the purchases returns jo…

← Browse all past-paper questions