O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2014 · Q251 Mark

The financial year of ABZ Limited ends on 31 March. Debenture interest is paid annually in arrears on 1 April each year. Where will debenture interest appear in the financial statements for the year ended 31 March 2014?

Aincome statement ✓, appropriation account , statement of financial position

Bincome statement , appropriation account , statement of financial position ✓

Cincome statement , appropriation account ✓, statement of financial position

Dincome statement , appropriation account ✓, statement of financial position ✓

✓ Correct answer

A: income statement ✓, appropriation account , statement of financial position

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2014 Paper 1 Variant 2, question 25.

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The financial year of ABZ Limited ends on 31 March. Debenture interest is paid annually in arrears on 1 April each year. Where will debenture interest appear in the financial statements for the year ended 31 March 2014?

✓ Correct answer

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