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ZIMSEC O-Level Principles of Accounting

7.4Effect of errors on profit

Effect of errors on profit in ZIMSEC O-Level Principles of Accounting: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic17 practice questions1 lesson
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Overview

Form 4: adjustments to gross and net profit and revised statements after the correction of errors.

Learning objectives

What the syllabus expects you to be able to do.

  1. 7.4.1Form 4: explain the effect of errors on profit and adjust gross or net profit after correcting them.
  2. 7.4.2Form 4: prepare revised statements of profit and of financial position (extracts) after the correction of errors.

Lessons

  • The effect of errors on profit and the financial position

    30 min

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Sample question

A sample question on this topic. Answer it, check it, then read the worked answer.

Effect of errors on profit: sample question

1 mark

The purchases journal was overcast by US$560. What is the effect of correcting this error on the profit for the year?

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