O-LevelAccountingPreparation of financial statements7707/11 · May/June 2024 · Q301 Mark

A business uses 20% mark up to arrive at its selling prices. During the year it made purchases of $35000 and the inventory decreased from $7000 to $2000. What was the revenue for the year?

A$36000

B$40000

C$42000

D$48000

✓ Correct answer

D: $48000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2024 Paper 1 Variant 1, question 30.

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