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O-LevelAccountingAccounting principles and policies7707/12 · Oct/Nov 2021 · Q341 Mark

Charlie is a car dealer. Joe wanted a new car and went to Charlie's car showroom. On Monday Joe took a car for a test drive and decided to buy it. On Tuesday Joe arranged to pay for the car by cheque. On Wednesday Joe collected the car and received an invoice. On Thursday Joe's cheque was cleared by the bank. On which day was Charlie able to account for the profit on the sale?

AMonday
BTuesday
CWednesday
DThursday

✓ Correct answer

C: Wednesday

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About this question

Topic
Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2021 Paper 1 Variant 2, question 34.

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