O-LevelAccountingVerification of accounting recordsOct/Nov 2024Paper 1 Q91 Mark
Mandy's trial balance failed to agree. The difference of $620 was placed in a suspense account. The suspense account's balance was shown on the debit side of the trial balance. Which error had caused the difference?
ADiscounts allowed of $310 had been credited to the discount received account.
BDiscounts received of $310 had been credited to the discount allowed account.
CThe value of closing inventory had been overstated by $620.
DThe value of closing inventory had been understated by $620.
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The correct answer is A. This question tests the candidate's understanding of verification of accounting records within the Accountingsyllabus. The examiner's mark scheme requires...
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