A-LevelAccountingAdjustments to Financial StatementsOct/Nov 2022Paper 1 Q81 Mark
A draft statement of financial position for a business showed total net assets of $600000. The following items were then discovered. 1 A long-term loan for $10000 had not been recorded. This was taken out on the last day of the financial year. 2 Closing inventory had been overstated by $20000. 3 Depreciation had been understated by $15000. What is the correct total net assets value?
A$555000
B$565000
C$595 000
D$605 000
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of adjustments to financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
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...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep