O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2017 · Q241 Mark

A trader has not kept proper accounting records for his business. What will he use when calculating trade payables at the end of the year?

Abad debt written off

Bdiscount allowed

Creturns inwards

Dreturns outwards

✓ Correct answer

D: returns outwards

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2017 Paper 1 Variant 2, question 24.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsMay/June 20121m

Which statement is correct?

Preparation of financial statementsMay/June 201240m

Thien has a retail business. The following balances were extracted from his books at the end of his financial year on…

Preparation of financial statementsMay/June 201220m

Dang Ltd had the following balances in its books after the calculation of the profit for the year ended 31 March 2012…

Verification of accounting recordsMay/June 20101m

The difference on a trial balance was entered in a suspense account. It was later found that the purchases returns jo…

Accounting proceduresMay/June 20101m

A sales ledger control account showed the following. $ opening debit balance 2000 sales 10 000 receipts from debtors …

Analysis and interpretationMay/June 20101m

A trader's income statement (trading and profit and loss account) showed a gross profit and a loss for the year (net …

← Browse all past-paper questions