A-LevelAccountingPreparation of Financial Statements (Income Statement)Feb/Mar 2025Paper 1 Q141 Mark
The following financial information is available. opening inventory: $800 closing inventory: $1010 purchases: $9260 carriage inwards: $130 revenue: $18000 discount received: $700 other expenses: $3880 What are the values of gross profit and profit for the year?
Agross profit: $8820, profit for the year: $4240
Bgross profit: $8820, profit for the year: $5640
Cgross profit: $9080, profit for the year: $5900
Dgross profit: $9520, profit for the year: $5640
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of preparation of financial statements (income statement) within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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