O-LevelAccountingPreparation of financial statementsOct/Nov 2018Paper 1 Q211 Mark

At the end of the financial year a sports club owed rent for the clubhouse. Some members had paid their subscriptions in advance for the following year. How would these items be recorded in the club's statement of financial position?

Q: What topic does this question test?

This question tests Preparation of financial statements in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

Arent owing current asset subscriptions paid in advance current asset

Brent owing current asset subscriptions paid in advance current liability

Crent owing current liability subscriptions paid in advance current asset

Drent owing current liability subscriptions paid in advance current liability

✓ Correct Answer

The correct answer is A: rent owing current asset subscriptions paid in advance current asset

📋 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...

🎯 Mark Scheme Breakdown

Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.

🔒

Unlock the Examiner's Analysis

Join thousands of Cambridge students already using Oracle Prep

About This O-Level Accounting Question

Topic

This multiple-choice question tests Preparation of financial statements in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

Source

This question appeared in the Cambridge O-Level Accounting Oct/Nov 2018 examination, Paper 1 Variant 1.

Practice on Oracle Prep

Oracle Prep provides AI-powered practice for all Cambridge O-Level and A-Level subjects. Our platform includes topic predictions with 87.7% accuracy, AI essay grading, and a comprehensive question bank spanning 25 years of past papers across 29 subjects.