A-LevelAccountingReconciliation and verification9706/12 · Oct/Nov 2013 · 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

C: $475000

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Reconciliation and verification and see which topics are most likely to come up next.

About this question

Topic: Reconciliation and verification, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2013 Paper 1 Variant 2, question 13.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

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?

✓ Correct answer

Practise more questions on this topic

About this question

Related Accounting questions