O-LevelAccountingAccounting procedures7707/11 · May/June 2023 · Q231 Mark

What is included in an appropriation account of a partnership? 1 annual salary to which each partner is entitled 2 drawings made by each partner during the year 3 the closing balance on each partner's capital account 4 the division of residual profit between the partners

A1, 2 and 3

B1 and 4

C2 and 3 only

D4 only

✓ Correct answer

B: 1 and 4

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 1, question 23.

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