O-LevelAccountingAccounting procedures7707/11 · May/June 2016 · Q91 Mark

Alice's financial year ends on 31 December. The balances in her books on 1 January included the following. [Table: commission received $250 dr, rent receivable $500 cr] What do these balances represent?

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Acommission received: income outstanding, rent receivable: income outstanding

Bcommission received: income outstanding, rent receivable: income prepaid

Ccommission received: income prepaid, rent receivable: income outstanding

Dcommission received: income prepaid, rent receivable: income prepaid

✓ Correct answer

B: commission received: income outstanding, rent receivable: income prepaid

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2016 Paper 1 Variant 1, question 9.

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