A-LevelAccountingCorrection of Errors and Financial StatementsOct/Nov 2014Paper 1 Q31 Mark
A sole trader calculated a draft profit for the year of $56750. He then discovers that discounts received of $580 and discounts allowed of $665 had been recorded on the wrong sides of their respective accounts. What is the correct profit for the year?
A$56 580
B$56 665
C$56 835
D$56 920
✓ Correct Answer
The correct answer is A. 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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