A-LevelAccountingCorrection of Errors and Suspense AccountsOct/Nov 2012Paper 1 Q101 Mark
A draft income statement shows a profit for the year of $360 000. Interest received for the year of $1200 has been treated as interest paid. What is the correct profit?
A$357 600
B$358 800
C$361 200
D$362 400
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of correction of errors and suspense accounts 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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