A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2012 · Q31 Mark
The following items appear in a statement of financial position. • an estimate of a liability in a court case, the outcome of which is uncertain • an unrealised surplus from the revaluation of a non-current asset • accumulated depreciation on non-current assets • an estimate of future loss arising from bad debts How many of these are provisions and how many are reserves?
A1 3
B2 2
C3 1
D4 0
✓ Correct answer
C: 3 1
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