O-LevelAccountingPreparation of financial statementsOct/Nov 2020Paper 1 Q241 Mark

A club was formed on 1 July 2019. During the year ended 30 June 2020 subscriptions received from members totalled $2500. This included $120 paid in advance for the next financial year. Subscriptions outstanding on 30 June 2020 amounted to $280. How much was recorded for subscriptions in the income and expenditure account for the year ended 30 June 2020?

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

The correct answer is C: $2660.

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.

A$2100

B$2500

C$2660

D$2780

✓ Correct Answer

The correct answer is C: $2660

📋 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 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 2020 examination, Paper 1 Variant 2.

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