A-LevelAccountingError Correction and Suspense AccountsOct/Nov 2020Paper 1 Q61 Mark
A trader prepared a trial balance which did not balance. The difference was posted to a suspense account. The following errors have now been found. 1 The returns inwards account had been overcast by $90. 2 A payment of $200 for rent had been entered correctly in the cash book but had not been posted to the rent account. What was the opening balance on the suspense account?
A$110 credit
B$110 debit
C$290 credit
D$290 debit
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of error correction and suspense accounts within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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