Accounting Multiple Choice Question – 8 September 2022

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

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The following information is taken from the paperclip account of a business.

  • stock of paperclips at beginning of the year – £600
  • cash paid for paperclips during the year – £7,000
  • invoice not yet received for paperclips – £480
  • stock of paperclips at end of year – £800

How much should be debited to the Profit and Loss Account for paperclips?

Select ONE answer:

  1. £6,680
  2. £6,800
  3. £7,280
  4. £8,080

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 3

  1. Not correct
  2. Not correct
  3. Correct – £7,000 + £600 +£480 – £800
  4. Not correct

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