Section 4. Accounting procedures for Accounting, O Level - revisedeck

4. Accounting procedures

A section of Accounting, 7707

Listing 10 of 188 questions

A trader values his inventory on the same basis at the end of each financial year. Which accounting principle is the trader observing?

7707_w23_qp_12

MCQ

2023

Paper 1, Variant 2

View

The average inventory of a business was $40000. The rate of inventory turnover was 5 times a year. Mark-up was 20%. What was the revenue for the year?

7707_w24_qp_13

MCQ

2024

Paper 1, Variant 3

View

Gordon provided the following information for the year. revenue $90 000 opening inventory $8 000 closing inventory $2 000 mark up 50% Gordon took goods, $7000, for his own use. What were the purchases?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

View

Gordon provided the following information for the year. revenue $90 000 opening inventory $8 000 closing inventory $2 000 mark up 50% Gordon took goods, $7000, for his own use. What were the purchases?

7707_s20_qp_12

MCQ

2020

Paper 1, Variant 2

View

Which actions could a clothing retailer take to improve his rate of inventory turnover?

7707_s22_qp_11

MCQ

2022

Paper 1, Variant 1

View

Roshan’s sales for his first year of trading were $55 000. His gross profit margin was 20%. The closing inventory was $3200. D $47 200 C $44 450 What were the purchases for the year?

7707_s24_qp_12

MCQ

2024

Paper 1, Variant 2

View

Abhinav provided the following information. year ended 31 December 2020 $ year ended 31 December 2019 $ 124 000 120 000 112 500 115 500 purchases cost of sales $ inventory January 2019 31 December 2019 31 December 2020 What was the rate of inventory turnover for the year ended 31 December 2020?

7707_s24_qp_12

MCQ

2024

Paper 1, Variant 2

View

Roshan’s sales for his first year of trading were $55 000. His gross profit margin was 20%. The closing inventory was $3200. What were the purchases for the year?

7707_w21_qp_13

MCQ

2021

Paper 1, Variant 3

View

Questions Discovered

188