The following information has been extracted from the accounts of Selim Traders Ltd: Last year This year Revenue 600,000 700,000 Gross profit percentage 30% 31% Net profit percentage 15% 4% 6. What conclusion do you draw? (a) Buying prices have increased, but selling prices have not (b) Expenses have increased greatly (c) Closing inventories have increased greatly (d) None of the above 4 Marks 7. Current assets are (a) cash or near cash or are held for sale or consumption in the normal course of business (b) normally held for the long-term operations of the business (c) due for repayment after one year (d) none of the above 4 Marks 8. Trade payables are: (a) customers who owe money to the business. (b) customers who buy goods for cash. (c) suppliers who are owed money by the business. (d) suppliers who have been paid by the business.