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WAEC Financial Accounting 2025 Question 9

Question 9

Interpretation of Accounts

Use the following information to answer questions 7 to 9.
Opening stock: D 9,220
Sales: D 66,930
Returns outwards: D 1,740
Returns inwards: D 2,930
Gross profit: D 16,000
Purchases: D 60,540
The rate of stock turnover is

  1. A.4.4 times
  2. B.3.7 times
  3. C.3.5 times
  4. D.3.3 times
Show the answer and explanation

Answer: D (3.3 times)

Explanation

48,000 ÷ 14,620 = 3.3 times.