O-LevelAccountingPreparation of financial statementsOct/Nov 2021Paper 1 Q251 Mark

A sports club was formed on 1 August 2020. During the year ended 31 July 2021 the club purchased equipment costing $5000, paying by cheque. In which of the club's financial statements did this appear? [Figure showing table with receipts and payments account, income and expenditure account, statement of financial position, and tick marks]

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.

AAppears in receipts and payments account and statement of financial position

BAppears in receipts and payments account and statement of financial position

CAppears in income and expenditure account and statement of financial position

DAppears in statement of financial position

✓ Correct Answer

The correct answer is B: Appears in receipts and payments account and statement of financial position

📋 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 2021 examination, Paper 1 Variant 2.

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