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O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2024 · Q201 Mark

Which items would appear in the income statement for an accountancy business?

Agross profit: ✓, profit for the year: ✓, surplus: X
Bgross profit: ✓, profit for the year: X, surplus: ✓
Cgross profit: X, profit for the year: ✓, surplus: X
Dgross profit: X, profit for the year: X, surplus: ✓

✓ Correct answer

C: gross profit: X, profit for the year: ✓, surplus: X

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About this question

Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 20.

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