O-LevelAccountingPreparation of financial statementsOct/Nov 2022Paper 1 Q111 Mark

After the preparation of her income statement, Emma discovered the following errors. A debt, $1500, should have been written off as irrecoverable. No adjustment had been made for rent prepaid by Emma of $2800. The draft profit for the year was $35000. What was the corrected profit for the year?

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

The correct answer is C: $36 300.

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$30 700

B$33 700

C$36 300

D$39300

✓ Correct Answer

The correct answer is C: $36 300

📋 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 2022 examination, Paper 1 Variant 2.

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