A-LevelAccountingCorrection of Errors and Financial StatementsOct/Nov 2013Paper 1 Q131 Mark
A business had a profit for the year of $450000 before correcting the following errors. 1 Closing inventory was undervalued by $15000. 2 Sales returns of $5000 had been recorded as purchases returns. 3 The charge for depreciation was overstated by $20000. What was the corrected profit?
A$435000
B$445000
C$475000
D$495000
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of correction of errors and financial statements 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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