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Cambridge IGCSE Accounting practice

Paper 2 structured question: Correction of errors

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2

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2

Marks

Topic

Correction of errors

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Paper 2Structured Written Paper2 marks

A company has identified an error in its accounting records where a sales transaction was recorded twice.

Description

Error in Sales Recording

The company needs to correct this error to ensure accurate financial reporting.

  1. a

    Explain the role of a suspense account in this situation.

    Aim for approximately 2 distinct marking points.

    [2]

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Paper 2 structured question: Correction of errors

Paper 2Structured Written Paper2 marks

Description

Financial Record Errors

The errors include misclassifications and omissions that affect the trial balance.

  1. a

    Assess the impact of correcting these errors on the statement of financial position.

    Aim for approximately 2 distinct marking points.

    [2]