Accounting Multiple Choice Question – 31 October 2020

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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A company’s accounts showed a gross profit for the year of £65,000.

After the accounts were prepared it was found that the opening stock had been overstated by £4,800 and the closing stock had been understated by £6,800.


What is the corrected gross profit for the year?

Select ONE answer:

  1. £53,400
  2. £63,000
  3. £67,000
  4. £76,600

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct – £65,000 + £4,800 + £6,800

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