O-LevelAccountingAccounting procedures7707/12 · May/June 2023 · Q261 Mark

During the financial year, AB Limited paid debenture interest of $1400 relating to that financial year. At the end of the year, debenture interest of $700 was accrued. How was debenture interest shown in the financial statements for the year?

A1400 no entry

B2100 no entry

Cno entry 1400

Dno entry 2100

✓ Correct answer

B: 2100 no entry

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

Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 2, question 26.

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