A-LevelAccountingFinancial Statements of Sole TradersMay/June 2015Paper 1 Q91 Mark

A business has extracted the following information from its books of account at 31 December 2014, its first year of trading. $000 carriage inwards 12 carriage outwards 15 closing inventory 86 purchases 286 returns inwards 10 returns outwards 2 revenue 524 What is the gross profit for the year ended 31 December 2014?

Q: What is the correct answer to this A-Level Accounting question?

The correct answer is B: $304000.

Q: What topic does this question test?

This question tests Financial Statements of Sole Traders in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

A$301000

B$304000

C$320000

D$328.000

✓ Correct Answer

The correct answer is B: $304000

📋 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...

🎯 Mark Scheme Breakdown

Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.

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About This A-Level Accounting Question

Topic

This multiple-choice question tests Financial Statements of Sole Traders in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

Source

This question appeared in the Cambridge A-Level Accounting May/June 2015 examination, Paper 1 Variant 2.

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