O-LevelAccountingVerification of accounting records7707/12 · Oct/Nov 2023 · Q111 Mark

A cheque received from D Pawson, a trade receivable, was correctly debited to the bank account but was credited to the account of P Dawson, a trade payable. What was the effect of correcting this error? trade receivables trade payables

Adecrease decrease

Bdecrease increase

Cincrease decrease

Dincrease increase

✓ Correct answer

A: decrease decrease

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Verification of accounting records and see which topics are most likely to come up next.

About this question

Topic: Verification of accounting records, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 2, question 11.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

A cheque received from D Pawson, a trade receivable, was correctly debited to the bank account but was credited to the account of P Dawson, a trade payable. What was the effect of correcting this error? trade receivables trade payables

✓ Correct answer

Practise more questions on this topic

About this question

Related Accounting questions