O-LevelAccountingVerification of accounting recordsOct/Nov 2010 · Q171 Mark

Sam buys a new computer for business use and the cost is debited to the purchases account. What is the effect of this error on the profit for the year (net profit) and the non-current (fixed) assets? profit for the year (net profit) | non-current (fixed) assets A overstated | overstated B overstated | understated C understated | overstated D understated | understated

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2010). The mark or mark type is shown in brackets.

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Topic: Verification of accounting records, O-Level Accounting (syllabus 7707). Structured question, 1 mark.
Source: O-Level Accounting, Oct/Nov 2010 Variant 1, question 17.

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