O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2012 · Q141 Mark

A trader pays rent for premises. How is the rent accrued at the end of the financial year shown?

Arent account: credit balance brought down, balance sheet: current asset

Brent account: credit balance brought down, balance sheet: current liability

Crent account: debit balance brought down, balance sheet: current asset

Drent account: debit balance brought down, balance sheet: current liability

✓ Correct answer

B: rent account: credit balance brought down, balance sheet: current liability

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2012 Paper 1 Variant 1, question 14.

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