O-LevelAccountingPreparation of financial statementsOct/Nov 2024Paper 1 Q91 Mark
A trader's draft income statement showed a profit for the year of $24500. The following errors were later discovered. 1 No adjustment had been made for accrued income of $8000. 2 Carriage inwards of $250 had been recorded as carriage outwards. 3 An increase in provision for doubtful debts of $120 had been treated as an addition to the gross profit for the year. What was the corrected profit for the year?
A$32010
B$32 260
C$32380
D$32740
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of preparation of financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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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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