Question 2
Question 2 of 5

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Topics Tested

calculate sales, purchases, gross profit, trade receivables and trade payables and other figures from incomplete information

recognise the importance of valuation of inventory and the effect of an incorrect valuation of inventory on gross profit, profit for the year, equity and asset valuation

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