A-LevelAccountingAccruals and PrepaymentsMay/June 2016Paper 1 Q91 Mark
A company received interest of $8800 during the financial year. Interest of $700 was due at the beginning of the year and $850 at the end of the year. Which entry appeared in the interest received account to make the transfer to the income statement?
A$8650 credit
B$8650 debit
C$8950 credit
D$8950 debit
✓ Correct Answer
The correct answer is D. 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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