A-LevelAccountingAdjustments to Financial StatementsOct/Nov 2013Paper 1 Q71 Mark
A company's financial year ends on 31 December. At 31 December Year 1 the company carried forward a debit balance of $36200 on the rent account. During Year 2 payments made for 12 months' rent, to 31 March Year 3, were $157200. What is the amount of rent to be charged in the income statement in Year 2?
A$121000
B$154 100
C$160300
D$193400
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of adjustments to financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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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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