O-LevelAccountingPreparation of financial statements7707/11 · May/June 2014 · Q271 Mark

Martin's revenue for the year was $100000 and his expenses were $20000. His profit for the year was 10% of revenue. What was his gross profit?

A$30000

B$70000

C$90000

D$110000

✓ Correct answer

A: $30000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2014 Paper 1 Variant 1, question 27.

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