Accounting Multiple Choice Question – 1 January 2023

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

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EMS Ltd has a first profit for the year of £20,000 in its draft financial statements.

Capital receipts of £5,000 have been treated as revenue receipts.

Capital expenditure of £4,000 has been treated as revenue expenditure.

What is the correct profit for the year figure?

Select ONE answer:

  1. £26,000
  2. £59,000
  3. £85,000
  4. £144,000

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 = £18k + £36k + £5k
  3. Not correct
  4. Not correct

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