O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2017 · Q271 Mark

The financial year of AB Limited ends on 30 September. Debenture interest is paid annually in arrears on 1 October each year. Where did debenture interest appear in the financial statements for the year ended 30 September 2017?

Aincome statement: ✓, statement of changes in equity: , statement of financial position: ✓

Bincome statement: , statement of changes in equity: ✓, statement of financial position: ✓

Cincome statement: , statement of changes in equity: , statement of financial position: ✓

Dincome statement: ✓, statement of changes in equity: ✓, statement of financial position:

✓ Correct answer

A: income statement: ✓, statement of changes in equity: , statement of financial position: ✓

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2017 Paper 1 Variant 1, question 27.

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The financial year of AB Limited ends on 30 September. Debenture interest is paid annually in arrears on 1 October each year. Where did debenture interest appear in the financial statements for the year ended 30 September 2017?

✓ Correct answer

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