O-LevelAccountingAccounting proceduresOct/Nov 2022Paper 1 Q271 Mark
Chan provided the following information. 1 October 2021 $ 30 September 2022 $ non-current assets 10000 12000 inventory 2500 2000 trade receivables 1500 1300 bank overdraft 800 900 trade payables 1000 1900 What was Chan's profit or loss for the year?
A$300 loss
B$300 profit
C$500 loss
D$500 profit
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of accounting procedures 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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