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ScotlandAccountingQuick questions
Financial Accounting
Quick questions on Income statement: cost of goods sold, gross profit, profit for the year - SQA National 5 Accounting
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Opening inventory , purchases , closing inventory . Find cost of goods sold. [2 marks]
What is q2?Show answer
Sales , cost of goods sold . Find gross profit. [1 mark]
What is q3?Show answer
Gross profit , total expenses , commission received . Find the profit for the year. [2 marks]
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