Question 32
Question 32 of 35
Question image for Q32
You can solve this MCQ to see its answer, but your attempt won't be logged unless you login
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

4. Accounting procedures
4.1. Capital and revenue expenditur...

calculate and comment on the effect on profit of incorrect treatment