A-LevelAccountingCorrection of ErrorsMay/June 2024Paper 1 Q41 Mark
Jason sold a non-current asset with a carrying value of $8000. He mistakenly recorded this by debiting the bank account and crediting the sales account with the proceeds of $6500. By which amount was the profit for the year overstated?
A$1500
B$5000
C$6500
D$8000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of correction of errors 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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