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O-LevelAccountingThe fundamentals of accounting7707/13 · Oct/Nov 2022 · Q11 Mark

Ahmed is a trader. Why should he prepare financial statements?

Ato apply the principle of business entity
Bto monitor his business's performance
Cto prepare a bank reconciliation statement
Dto record changes to his personal wealth

✓ Correct answer

B: to monitor his business's performance

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2022 Paper 1 Variant 3, question 1.

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