O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2020 · Q111 Mark

Kate calculated her draft profit for the year at $28400. She later discovered the following errors. 1 Rent prepaid by Kate was understated by $1000. 2 Closing inventory was understated by $1500. What was the correct profit for the year?

A$25900

B$27 900

C$28 900

D$30 900

✓ Correct answer

D: $30 900

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 2, question 11.

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