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?
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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