O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2020 · Q211 Mark

The financial year of Peter ends on 30 September. On 1 August 2020 Peter received rent $1000. This covered the period from 1 July to 30 November 2020. Which entry will be made in Peter's statement of financial position on 30 September 2020?

Acurrent asset $400

Bcurrent asset $500

Ccurrent liability $400

Dcurrent liability $500

✓ Correct answer

C: current liability $400

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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 21.

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