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]
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. This question tests the candidate's understanding of preparation of financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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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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