O-LevelAccountingAccounting principles and policies7707/12 · May/June 2023 · Q151 Mark

A trader debited the cost of repairing office equipment to the office equipment account. How did this error affect the financial statements?

Aoverstated overstated

Boverstated understated

Cunderstated overstated

Dunderstated understated

✓ Correct answer

A: overstated overstated

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting principles and policies and see which topics are most likely to come up next.

About this question

Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 2, question 15.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Accounting principles and policiesMay/June 20121m

Loose tools are shown in a balance sheet at valuation. Which accounting principle is being applied?

Accounting principles and policiesMay/June 20131m

A trader decided that office equipment costing less than $100 would not be regarded as a non-current asset. Which acc…

Accounting principles and policiesMay/June 20131m

What is ensured by applying the principle of consistency?

Accounting proceduresMay/June 20141m

Sara does not keep a full set of accounting records. Which information is needed to calculate her total net purchases?

Preparation of financial statementsMay/June 20141m

RST Limited provided the following information. $ retained profits at 1 January 2013 200000 general reserve at 1 Janu…

Accounting proceduresMay/June 20141m

The work in progress of ZT Manufacturers on 1 January was valued at $6200. At the end of the year it was valued at $5…

← Browse all past-paper questions