O-LevelAccountingAccounting proceduresOct/Nov 2022Paper 1 Q301 Mark

Chan provided the following information. 1 October 2021: non-current assets $10000, inventory $2500, trade receivables $1500, bank overdraft $800, trade payables $1000. 30 September 2022: non-current assets $12000, inventory $2000, trade receivables $1300, bank overdraft $900, trade payables $1900. What was Chan's profit or loss for the year?

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

The correct answer is B: $300 profit.

Q: What topic does this question test?

This question tests Accounting procedures in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

A$300 loss

B$300 profit

C$500 loss

D$500 profit

✓ Correct Answer

The correct answer is B: $300 profit

📋 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 Accounting procedures 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 3.

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