A-LevelAccountingPartnershipsMay/June 2023Paper 1 Q151 Mark
A partnership maintains separate capital accounts and current accounts. Which statements are correct? 1 The capital accounts represent the retained earnings of the business. 2 The capital accounts show the total amount owed to each partner. 3 The capital accounts and current accounts equal the net assets.
A1 and 2
B1 and 3
C2 only
D3 only
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of partnerships 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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