Question 33
Question 33 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...

understand the significance of the difference between the gross margin and the profit margin as an indicator of a business’s efficiency

4. Accounting procedures
4.5. Valuation of inventory

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