A-LevelAccountingAccruals and PrepaymentsFeb/Mar 2017Paper 1 Q101 Mark
The draft financial statements of a business show a profit for the year of $64000 before taking account of the following: 1 the reduction of the provision for doubtful debts by $300 2 the purchase of office stationery costing $2400 which has not been entered in the books; only one-sixth of this stationery was used by the year end. What is the corrected profit for the year?
A$61900
B$63.900
C$64 100
D$64 300
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of accruals and prepayments 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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