Question 31
Question 31 of 35
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
6. Analysis and interpret...
6.2. Interpretation of accounting r...

explain the relationship of gross profit and profit for the year to the valuation of inventory, rate of inventory turnover, revenue, expenses, and equity

5. Preparation of financi...
5.6. Incomplete records

calculate profit or loss for the year from changes in capital over time

6. Analysis and interpret...
6.1. Calculation and understanding...

understand, calculate and explain the importance of the following accounting ratios: Gross margin, Profit margin, Return on capital employed (ROCE), Current ratio, Liquid (acid test) ratio, Rate of inventory turnover (times), Trade receivables turnover (days), Trade payables turnover (days)