A-LevelAccountingAdjustments to Financial StatementsFeb/Mar 2022Paper 1 Q81 Mark
The following information is available for a business at 31 December 2021. general expenses in arrears 1 January $420, general expenses in advance 1 January $240, general expenses in arrears 31 December $720, general expenses in advance 31 December $120. Total amount paid during the year ended 31 December 2021 is $11500. What is the amount to be included in the income statement for general expenses for the year ended 31 December 2021?
A$10240
B$10720
C$11080
D$11920
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of adjustments to 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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