Accounting Multiple Choice Question – 7 March 2022

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

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Lucy provided the following financial information for the year ended 31 December 2021

  • purchases – £95,000
  • returns inwards – £3,300
  • returns outwards – £2,100
  • inventory withdrawn for personal use – £4,000
  • Inventory on 31 December 2021 was valued at £1,000 more than on 1 January 2021.

What was the cost of sales?

Select ONE answer:

  1. £85,700
  2. £87,900
  3. £89,000
  4. £97,100

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 ==> £0 + £95,000 – £1,000 – £2,100 – £4,000
  3. Not correct
  4. Not correct

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