O-LevelAccountingPreparation of financial statements7707/11 · Oct/Nov 2012 · Q241 Mark

Which may be included in an income and expenditure account?

Abad debts

Bopening balance on the bank account

Cpurchase of equipment

Dsubscriptions received for the following financial year

✓ Correct answer

A: bad debts

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2012 Paper 1 Variant 1, question 24.

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