O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2014 · Q241 Mark

Walter provided the following information. revenue $150000; expenses $25000. The mark-up on cost is 25%. What is the profit for the year?

A$5000

B$12500

C$30000

D$37500

✓ Correct answer

A: $5000

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2014 Paper 1 Variant 2, question 24.

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

Related Accounting questions

Preparation of financial statementsMay/June 201240m

Thien has a retail business. The following balances were extracted from his books at the end of his financial year on…

Preparation of financial statementsMay/June 201220m

Dang Ltd had the following balances in its books after the calculation of the profit for the year ended 31 March 2012…

Preparation of financial statementsMay/June 201240m

Su and Li are in partnership sharing profits and losses in the ratio 3:2. Interest is allowed on capital at the rate …

Accounting principles and policiesMay/June 20121m

What is depreciation?

Accounting proceduresMay/June 20121m

A machine costing $60 000 is depreciated by 25% per annum on the reducing (diminishing) balance method. What was the …

Verification of accounting recordsMay/June 20121m

Lisa's trial balance failed to balance and a suspense account was opened. It was found that the return of goods, $20,…

← Browse all past-paper questions