O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2021 · Q271 Mark

Beth provided the following information. [Figure showing table with net assets, 1 January, 31 December] Her drawings during the year amounted to $3000. What was Beth's profit or loss for the year?

This question uses a diagram from the original paper, which isn't shown here. Open the full paper from the past papers archive to see it.

A$1000 loss

B$1000 profit

C$7000 loss

D$7000 profit

✓ Correct answer

A: $1000 loss

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 2021 Paper 1 Variant 2, question 27.

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

Beth provided the following information. [Figure showing table with net assets, 1 January, 31 December] Her drawings during the year amounted to $3000. What was Beth's profit or loss for the year?

✓ Correct answer

Practise more questions on this topic

About this question

Related Accounting questions