Accounting Multiple Choice Question – 13 March 2021

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

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A business has a draft net profit of £84,000.

It is discovered that the closing stock was overvalued by £4,000 and that discounts received of £1,500 were treated as an expense.

What is the corrected net profit?

Select ONE answer:

  1. £81,500
  2. £83,000
  3. £89,500
  4. £91,000

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 2

  1. Not correct
  2. Correct – £84k – £4k + (£1.5k *2)
  3. Not correct
  4. Not correct

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