0452.3.2.04 — adjust a profit or loss for an accounting period after the correction of errors: past paper questions
Real questions on 0452.3.2.04 — adjust a profit or loss for an accounting period after the correction of errors
The newest 5 of 5 written questions. Open one to see it on the real paper.
- 0452/22 · February/March 2026 · Q4b[3]
Complete the table to show the corrected profit for the year ended 31 January 2026. original draft profit for the year ended 31 January 2026 $ 16 950 draft profit for the year ended 31 January 2026 after correcting the errors
See it on the paper → - 0452/22 · May/June 2024 · Q3d[5]
Calculate Akil’s profit after items 1 to 5 have been corrected. , ,
See it on the paper → - 0452/12 · May/June 2022 · Q8[1]
What effect will correcting these errors have on the non-current assets and the working capital?
See it on the paper → - 0452/12 · May/June 2022 · Q16[1]
What will be the effect of this error?
See it on the paper → - 0452/23 · May/June 2020 · Q4c[7]
Complete the following statement to show the effect on the profit for the year of correcting errors 2–7. If there is no effect on profit write ‘nil’ in the ‘no effect’ column. Calculate the corrected profit for the year. Ignore depreciation of non-current assets. The first correction has been completed as an example. N...
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What examiners said
Comprehensive responses • Candidates with a thorough knowledge of the calculation of profit for the year were able to apply that knowledge to the statement of profit correction. • These candidates understood that entries should not be made for those items such as drawings which do not affect profit. • Either the error number or a short description of the error was included the details column. • A...
— Examiner report, February/March 2026, 0452/22 Q4(b) (Cambridge)
Omitting to record the purchase of a machine and recording a vehicle in the repairs account resulted in the non-current assets being understated by $20 000. The omission of the purchase of the machine also meant that the bank account was overstated, so the working capital was also overstated by $5 000. The key was C.
— Examiner report, May/June 2022, 0452/12 Q8 (Cambridge)
When inventory is over-valued the cost of sales is understated so the profit for the year and the closing capital will both be overstated. The error also impacts on the following financial year as the closing inventory at the end of one year becomes the opening inventory for the following year. The cost of sales for the following financial year will be overstated, so the profit for the year will b...
— Examiner report, May/June 2022, 0452/12 Q16 (Cambridge)
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