O-LevelAccountingPreparation of financial statements7707/12 · May/June 2021 · Q231 Mark

Zaha is a consultant who receives fees from clients. How would Zaha calculate his profit for the year?

Afees received – cost of sales

Bfees received – cost of sales + expenses

Cfees received + expenses

Dfees received – expenses

✓ Correct answer

A: fees received – cost of sales

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2021 Paper 1 Variant 2, question 23.

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