O-LevelAccountingAnalysis and interpretation7707/11 · May/June 2021 · Q301 Mark

A trader provided the following information. $ $ revenue 3600 opening inventory 100 purchases 2600 2700 closing inventory 300 2400 gross profit 1200 It was found that the closing inventory should have been $400. What was the correct rate of inventory turnover?

A6 times

B8 times

C9.2 times

D14.4 times

✓ Correct answer

C: 9.2 times

Oracle Prep sorts past-paper questions by topic, so you can drill Analysis and interpretation and see which topics are most likely to come up next.

Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2021 Paper 1 Variant 1, question 30.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Ashok provided the following information for the year ended 31 March 2012: $ Revenue (sales) 120 000 Inventory 1 Apr…

Jones is a trader, buying and selling goods on credit. The following balances were available on 30 April 2012. Capita…

A trader prepares financial statements each year. What do these assist the trader to do?

Hassan maintains a sales journal, purchases journal, sales returns journal and a purchases returns journal. At the e…

Jane, a trader, withdrew $50 from the business bank account for office use. How is this recorded in Jane's books?

Ann is a trader. On 1 April 2011 Cindy's account in Ann's ledger showed a credit balance of $520. The following trans…