◈ Oracle PrepSign Up Free
O-LevelAccountingPreparation of financial statements7707/11 · May/June 2017 · Q181 Mark

Seema is a business consultant. She provided the following information at the end of her first financial year on 30 April 2017. fees earned during the year 244 000 fees owed by clients at 30 April 2017 22000 cost of computer equipment purchased 26000 loan interest paid 4000 other business expenses 142000 What was Seema's profit for the year?

A$72000
B$94 000
C$98.000
D$120000

✓ Correct answer

C: $98.000

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.

Sign up free →

About this question

Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2017 Paper 1 Variant 1, question 18.

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 20101m

Rashid maintains a provision for doubtful debts of 5% of the trade receivables (debtors) at the end of each year. Tra…

Preparation of financial statementsMay/June 20101m

What is the purpose of a partnership appropriation account?

Preparation of financial statementsMay/June 20101m

A sports club had the following assets and liabilities. $ trade payables (creditors) for refreshments 750 bank 1870 d…

Accounting proceduresMay/June 20121m

At the start of the financial year insurance was prepaid and commission receivable was still outstanding. How would t…

Accounting proceduresMay/June 20121m

Gary's financial year ends on 31 March. On 1 April 2011 rent prepaid amounted to $3000. During the year ended 31 Marc…

Accounting proceduresMay/June 20121m

Which entries are required to create a provision for doubtful debts?

← Browse all past-paper questions

© 2026 Oracle Prep