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Cambridge IGCSE Accounting practice

What is a major drawback of incomplete accounting records?

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Show answerIncomplete records revisionRevise the key idea

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MCQ

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cambridge_mcq

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Topic

Incomplete records

Exam-style question

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What is a major drawback of incomplete accounting records?.

  1. A.Inaccurate financial statements
  2. B.High profit margins
  3. C.Increased sales
  4. D.More assets

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Paper 2 structured question: Incomplete records

Paper 2Structured Written Paper2 marks

Description

Incomplete Records of a Sole Trader

The sole trader has provided the following information: Opening capital was $10,000, closing capital is $12,000, and drawings were $2,000. Calculate the profit or loss for the year.

  1. a

    Calculate the profit or loss for the year based on the changes in capital.

    Aim for approximately 2 distinct marking points.

    [2]