O-LevelAccountingAnalysis and interpretation7707/11 · May/June 2010 · Q171 Mark

A trader's income statement (trading and profit and loss account) showed a gross profit and a loss for the year (net loss). What caused the loss for the year (net loss)?

Acost of sales exceeding sales

Bexpenses exceeding gross profit

Cgross profit exceeding expenses

Dsales exceeding cost of sales

✓ Correct answer

B: expenses exceeding gross profit

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2010 Paper 1 Variant 1, question 17.

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