A-LevelAccountingIncome Statement CalculationsOct/Nov 2010Paper 1 Q111 Mark
For the eleven months ended 31 August 2009, snack bar takings were correctly recorded at $109 340. For September 2009, the snack bar takings were mixed up with other income. The snack bar profit margin was 30.%.%. The table shows figures for the snack bar for September 2009. [Table showing opening inventory (stock) at cost $6 303, purchases $8 844, closing inventory (stock) at cost $7 370] What was the gross profit of the snack bar for the year ended 30 September 2009?
A$27 566
B$36 135
C$36 593
D$43 912
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of income statement calculations 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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