O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2022 · Q271 Mark

Chan provided the following information. 1 October 2021 $ 30 September 2022 $ non-current assets 10000 12000 inventory 2500 2000 trade receivables 1500 1300 bank overdraft 800 900 trade payables 1000 1900 What was Chan's profit or loss for the year?

A$300 loss

B$300 profit

C$500 loss

D$500 profit

✓ Correct answer

B: $300 profit

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

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2022 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