O-LevelAccountingPreparation of financial statements7707/11 · May/June 2011 · Q171 Mark

Which affects both gross profit and net profit?

Acarriage inwards

Bcarriage outwards

Cdiscount allowed

Ddiscount received

✓ Correct answer

A: carriage inwards

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, May/June 2011 Paper 1 Variant 1, question 17.

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

Which item will not appear in the appropriation account of a limited company?

Preparation of financial statementsMay/June 201022m

Indira is a computer consultant. She does not keep a full set of double entry accounts but the following information …

Preparation of financial statementsMay/June 201040m

SGC Ltd is a trading company. The following balances were extracted from the books on 30 April 2010. $ Inventory (st…

Accounting proceduresMay/June 20101m

A sales ledger control account showed the following. $ opening debit balance 2 000 sales 10 000 receipts from debtor…

The fundamentals of accountingMay/June 20101m

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

Accounting principles and policiesMay/June 20101m

A sole trader purchased the following items from an office supplier. $ calculator 10 computer system 2000 document s…

← Browse all past-paper questions