O-LevelAccountingAccounting principles and policies7707/13 · Oct/Nov 2020 · Q331 Mark

The financial statements of a business are prepared on the basis that it will continue to operate for many years into the future. Which accounting principle is being applied?

Abusiness entity

Bgoing concern

Cmoney measurement

Drealisation

✓ Correct answer

B: going concern

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2020 Paper 1 Variant 3, question 33.

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