A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2022 · Q91 Mark

When would the year end value of inventory need to be adjusted? 1 when inventory has not yet been paid for 2 when selling price has fallen below cost 3 when the owner has recorded taking goods for his own use during the year

A1 and 2

B2 and 3

C2 only

D3 only

✓ Correct answer

C: 2 only

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2022 Paper 1 Variant 2, question 9.

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