O-LevelAccountingAccounting procedures7707/11 · May/June 2020 · Q111 Mark

The income statement of a business showed a loss for the year of $16000. On checking the books the following errors were discovered. 1 No adjustment had been made for insurance prepaid, $480. 2 No entry had been made for bank charges, $620. What was the correct loss for the year?

A$14900

B$15860

C$16 140

D$17100

✓ Correct answer

C: $16 140

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 1, question 11.

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