O-LevelAccountingAccounting procedures7707/11 · May/June 2012 · Q131 Mark

At the start of the financial year insurance was prepaid and commission receivable was still outstanding. How would these balances appear in the ledger accounts?

Ainsurance account: credit, commission receivable account: credit

Binsurance account: credit, commission receivable account: debit

Cinsurance account: debit, commission receivable account: credit

Dinsurance account: debit, commission receivable account: debit

✓ Correct answer

D: insurance account: debit, commission receivable account: debit

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2012 Paper 1 Variant 1, question 13.

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