A-LevelAccountingCorrection of Errors and Suspense AccountsFeb/Mar 2022Paper 1 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
The correct answer is B. This question tests the candidate's understanding of correction of errors and suspense accounts 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...
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