O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2023 · Q311 Mark

A business provided the following information. revenue $20000 gross margin 25% profit margin 10% There was no other income. How much were expenses?

A$2000

B$2250

C$3000

D$5000

✓ Correct answer

C: $3000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 2, question 31.

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