O-LevelAccountingAccounting procedures7707/13 · Oct/Nov 2023 · Q311 Mark

Rahat has not maintained a full set of double entry records. She has details of her assets and liabilities at the start and end of the year. Which additional information does Rahat need in order to be able to prepare her income statement for the year?

Astatement of affairs at the start of the year

Bsummary of receipts and payments for the year

Cthe amount of her capital at the end of the year

Dthe rate of inventory turnover for the year

✓ Correct answer

B: summary of receipts and payments for the year

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 3, question 31.

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