O-LevelAccountingAccounting principles and policies7707/12 · Oct/Nov 2022 · Q331 Mark

A business renewed an insurance policy. The total amount paid was charged as an expense in the income statement for the year even though half related to the next financial year. Which accounting principle has not been applied?

Aduality

Bhistoric cost

Cmatching

Dmoney measurement

✓ Correct answer

C: matching

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2022 Paper 1 Variant 2, question 33.

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