O-LevelAccountingThe fundamentals of accountingOct/Nov 2023Paper 1 Q41 Mark

The following ledger account was in Meena's sales ledger. $ $ Jan 1 balance b/d 100 Jan 15 bank 100 Jan 31 balance c/d 20 Jan 30 sales returns 20 120 120 Feb 1 balance b/d 20 Which statement about the balance on 1 February in Meena's books of account is correct?

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

The correct answer is C: It is a liability..

Q: What topic does this question test?

This question tests The fundamentals of accounting in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

AIt is an asset.

BIt is an expense.

CIt is a liability.

DIt is revenue.

✓ Correct Answer

The correct answer is C: It is a liability.

📋 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 The fundamentals of accounting in O-Level Accounting (syllabus code 7707). It is worth 1 mark.

Source

This question appeared in the Cambridge O-Level Accounting Oct/Nov 2023 examination, Paper 1 Variant 2.

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