O-LevelAccountingAccounting procedures7707/12 · May/June 2015 · Q221 Mark

Omar started a business but did not maintain any accounting records. Which item(s) are included in a calculation to find credit purchases for his first year of trading? 1 amount owing to trade payables at year end 2 amount owing by trade receivables at year end 3 cash discount received

A1 and 3

B1 only

C2 and 3

D2 only

✓ Correct answer

A: 1 and 3

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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 2, question 22.

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