O-LevelAccountingAccounting principles and policiesOct/Nov 2018Paper 1 Q291 Mark

Kim has been in business for many years and expects this will continue. She provided the following information. $ premises at cost 50 000 at market value 65000 trade receivables at book value 14000 Trade receivables included a debt of $2000 which was unlikely to be paid. At which total value were these assets recorded in Kim's statement of financial position?

Q: What is the correct answer to this O-Level Accounting question?

The correct answer is A: $62 000.

Q: What topic does this question test?

This question tests Accounting principles and policies in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

A$62 000

B$64 000

C$77000

D$79000

✓ Correct Answer

The correct answer is A: $62 000

📋 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.

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About This O-Level Accounting Question

Topic

This multiple-choice question tests Accounting principles and policies 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.

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