O-LevelAccountingThe fundamentals of accounting7707/11 · May/June 2019 · Q221 Mark
Sue started a business on 1 January 2019. The only accounting record she maintained was a bank account. Why is the balance on the bank account not equal to the profit for the year? 1 Expenses may be accrued at the year-end. 2 Goods may have been taken for personal use. 3 Non-current assets may have depreciated.
A1 and 2 only
B1 only
C1, 2 and 3
D2 and 3 only
✓ Correct answer
A: 1 and 2 only
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