A-LevelAccountingIncome Statement Preparation / Inventory ValuationMay/June 2011Paper 1 Q301 Mark
A business sells goods at a mark up of 33.3%. Information for a year is given. $ revenue 600 000 opening inventory 53 000 closing inventory 68 000 What are the total purchases for the year?
A$415 000
B$435 000
C$450 000
D$465 000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of income statement preparation / inventory valuation within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
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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