A-LevelAccountingFinancial Accounting AdjustmentsOct/Nov 2014Paper 1 Q191 Mark
The draft accounts of a business for the year ended 30 June 2013 include the following: $ revenue 280 000 gross profit 60 000 It was subsequently discovered that the closing inventory was understated by $10000. What was the gross profit percentage after correcting this error?
A17.9%
B20.7%
C21.4%
D25.0%
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of financial accounting adjustments 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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