O-LevelAccountingAccounting proceduresOct/Nov 2025Paper 1 Q291 Mark
Gem has been in business for many years. On 1 March, Gem purchased a new factory. On that date, he paid three months' insurance on his factory, totalling $900. What should Gem enter for insurance in his statement of financial position on 31 March?
A$300 in current assets
B$300 in current liabilities
C$600 in current assets
D$600 in current liabilities
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of accounting procedures within the Accountingsyllabus. The examiner's mark scheme requires...
📋 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...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep