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A-LevelAccountingReconciliation and verification9706/12 · Feb/Mar 2022 · Q101 Mark

A business had a draft profit for the year of $250000. The following errors were then discovered. 1 Depreciation charged was $25000. The figure should have been $40000. 2 Closing inventory for the period was undervalued by $10000. What was the correct profit for the year?

A$225000
B$245000
C$255000
D$275000

✓ Correct answer

B: $245000

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About this question

Topic
Reconciliation and verification, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source
A-Level Accounting, Feb/Mar 2022 Paper 1 Variant 2, question 10.

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