O-LevelAccountingPreparation of financial statements7707/11 · May/June 2020 · Q191 Mark

Which items are deducted from the gross profit when calculating the profit for the year? 1 balance on the provision for doubtful debts account 2 carriage paid on goods supplied to customers 3 drawings made by the owner during the year 4 wages paid to employees during the year

A1, 2 and 3

B1 and 4

C2 and 3 only

D2 and 4

✓ Correct answer

D: 2 and 4

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 1, question 19.

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Which items are deducted from the gross profit when calculating the profit for the year? 1 balance on the provision for doubtful debts account 2 carriage paid on goods supplied to customers 3 drawings made by the owner during the year 4 wages paid to employees during the year

✓ Correct answer

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