O-LevelAccountingAccounting procedures7707/12 · May/June 2012 · Q131 Mark

John's financial year ends on 31 December. He pays his annual insurance premium on 1 July. He provided the following information. $ insurance premium paid on 1 July 2010 2400 insurance premium paid on 1 July 2011 3000 How much was transferred from the insurance account to the income statement for the year ended 31 December 2011?

A$2400

B$2700

C$3000

D$4200

✓ Correct answer

B: $2700

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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 2, question 13.

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