O-LevelAccountingAccounting principles and policies7707/13 · Oct/Nov 2020 · Q341 Mark

When Marina opened a business she purchased a stapler for the office. She recorded this as office expenses rather than as office equipment. Which accounting principle did Marina apply?

Aconsistency

Bhistoric cost

Cmateriality

Dprudence

✓ Correct answer

C: materiality

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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 34.

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