O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2017 · Q121 Mark

Ann's financial year ends on 31 August. The annual rates on her shop are $3000. On 1 September 2016 rates prepaid amounted to $750. Rates paid during the year ended 31 August 2017 amounted to $2750. What was the balance brought down on the rates account on 1 September 2017?

A$250 credit

B$250 debit

C$500 credit

D$500 debit

✓ Correct answer

D: $500 debit

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2017 Paper 1 Variant 1, question 12.

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