Accounting Multiple Choice Question – 31 October 2020

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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