A-LevelAccountingThe accounting cycle9706/12 · May/June 2020 · Q171 Mark

A business sells goods at a uniform mark-up of 25%. The following information is available. [Table with 'sales revenue' $120000, 'opening inventory' $18000, 'purchases' $95000, 'returns outwards' $2000] What is the value of closing inventory?

A$15000

B$19000

C$21000

D$25000

✓ Correct answer

A: $15000

Oracle Prep sorts past-paper questions by topic, so you can drill The accounting cycle and see which topics are most likely to come up next.

Topic: The accounting cycle, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2020 Paper 1 Variant 2, question 17.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

A business has a good reputation. The owner wishes to include goodwill in the financial statements. An accountant adv…

Omar wishes to become a trader. He decides to buy an existing business in a good location. He pays more for the busin…

Which accounting treatments illustrate the use of the matching concept? 1 comparing the receipts and payments in the…

At the end of his first year of trading, the trader lost all of his inventory in a fire. He knows the values of sales…

X and Y were in partnership sharing profits and losses equally. Z was admitted as a partner and the profit and loss …

Which items would appear in a partnership's appropriation account, in the absence of a partnership agreement? 1 prof…