O-LevelAccountingAccounting procedures7707/11 · May/June 2015 · Q151 Mark

A vehicle purchased for $15000 was sold four years later for $2000. The balance on the provision for depreciation account was $12000 at the date of sale. What was the profit or loss on the sale?

A$1000 loss

B$1000 profit

C$2000 profit

D$3000 loss

✓ Correct answer

A: $1000 loss

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2015 Paper 1 Variant 1, question 15.

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