O-LevelAccountingPreparation of financial statements7707/12 · May/June 2021 · Q221 Mark

James is an accountant and operates as a sole trader. Which items would not appear in his statement of financial position? 1 long-term loan 2 retained earnings 3 trade payables

A1 and 2

B1 and 3

C2 only

D2 and 3

✓ Correct answer

A: 1 and 2

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2021 Paper 1 Variant 2, question 22.

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