A-LevelAccountingAdjustments to Financial StatementsMay/June 2014Paper 1 Q41 Mark
A trader took out a 6% bank loan of $30000 on 1 November 2013, to be repaid in full in 10 years' time. Interest is to be paid annually. No interest had been paid by 30 April 2014. How should this be recorded in the statement of financial position at 30 April 2014? current liabilities $, non-current liabilities $ A 0, 30000 B 900, 30000 C 1800, 30000 D 30 900, 0
A0, 30000
B900, 30000
C1800, 30000
D30900, 0
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of adjustments to financial statements 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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