O-LevelAccountingPreparation of financial statementsOct/Nov 2021Paper 1 Q191 Mark
John maintains a full set of accounting records. Why does he also prepare a statement of financial position?
Ato calculate the profit for the year
Bto check if assets equal capital plus liabilities
Cto show the transactions which took place during the year
Dto summarise what the business owns and what it owes
✓ Correct Answer
The correct answer is D. 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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