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?

Q: What is the correct answer to this A-Level Accounting question?

The correct answer is C: $475000.

Q: What topic does this question test?

This question tests Correction of Errors and Financial Statements in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

A$435000

B$445000

C$475000

D$495000

✓ Correct Answer

The correct answer is C: $475000

📋 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...

🎯 Mark Scheme Breakdown

Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.

🔒

Unlock the Examiner's Analysis

Join thousands of Cambridge students already using Oracle Prep

About This A-Level Accounting Question

Topic

This multiple-choice question tests Correction of Errors and Financial Statements in A-Level Accounting (syllabus code 9706). It is worth 1 mark.

Source

This question appeared in the Cambridge A-Level Accounting Oct/Nov 2013 examination, Paper 1 Variant 2.

Practice on Oracle Prep

Oracle Prep provides AI-powered practice for all Cambridge O-Level and A-Level subjects. Our platform includes topic predictions with 87.7% accuracy, AI essay grading, and a comprehensive question bank spanning 25 years of past papers across 29 subjects.