Waec Model Questions Vol1 2017 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Company ABC reported the following for the year ended 31 December 2022 (all figures in Naira): Sales revenue...................... 2,500,000 Sales returns....................... 150,000 Trade discounts allowed............. 100,000 Cost of goods sold.................. 1,200,000 Operating expenses.................. 400,000 (includes depreciation of 50,000) Interest expense.................... 30,000 Tax rate (on profit before tax)...... 30% The physical stock count revealed a shrinkage of 20,000 Naira. The recorded closing inventory was 370,000 Naira, but the correct closing inventory should be 350,000 Naira. Determine the profit after tax for the year.
Answer Options
About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 2. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.