A-LevelAccountingAdjustments to Financial StatementsMay/June 2020Paper 1 Q61 Mark
The following financial information is available for a business. [Table with 'draft profit for the year' $12650 and 'closing capital' $52780] The following error has been discovered. Private fuel costs, $1930, had been charged in the business motor expenses account. What are the correct figures for the year?
Aprofit for the year $10720, closing capital $50850
Bprofit for the year $10720, closing capital $54710
Cprofit for the year $14580, closing capital $52780
Dprofit for the year $14580, closing capital $54710
✓ Correct Answer
The correct answer is C. 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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