A-LevelAccountingPreparation of Financial StatementsMay/June 2016Paper 1 Q101 Mark
Katrina commenced business on 1 January 2015. For the year ended 31 December 2015, the following information is available. drawings $53500 profit for the year 62700 revenue 1500000 expenses 875000 What was the cost of sales for the year?
A$562300
B$571500
C$678000
D$687700
✓ Correct Answer
The correct answer is A. This question tests the candidate's understanding of preparation of 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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