O-LevelAccountingPreparation of financial statementsOct/Nov 2018Paper 1 Q141 Mark
A draft income statement showed a gross profit of $12200. It was later found that carriage on purchases, $260, and carriage on sales, $230, had both been included as expenses in the profit and loss section of the income statement. What was the corrected gross profit?
A$11710
B$11940
C$12460
D$12690
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of preparation of financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
📋 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...
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