O-LevelAccountingPreparation of financial statementsOct/Nov 2017Paper 1 Q201 Mark
Gurpreet is a broker and receives a commission from an insurance company when a client purchases a car insurance policy. The following information is available for the year ended 31 March 2017. Commission received from insurance company $15000 Commission on policies arranged in March 2017 not yet received $1200 Office rent $2500 Depreciation of non-current assets $900 Heating and lighting $520 What was the profit for the year?
A$10780
B$11080
C$11980
D$12280
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of preparation of financial statements 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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