A-LevelAccountingErrors and Suspense AccountsFeb/Mar 2021Paper 1 Q91 Mark
A business has calculated its draft profit for the year as $15000. The following were then discovered. 1 General expenses were understated by $600. 2 The sales journal total of $55690 had been posted to the sales account as $56 590. 3 Repairs to vehicles of $1100 had been entered in the vehicles (at cost) account. 4 The salaries account included travelling expenses of $2400 paid to the salesmen. What was the correct profit for the year?
A$12400
B$13600
C$14200
D$14800
✓ Correct Answer
The correct answer is A. This question tests the candidate's understanding of errors and suspense accounts 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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