O-LevelAccountingAccounting principles and policies7707/12 · Oct/Nov 2023 · Q341 Mark

A trader values his inventory on the same basis at the end of each financial year. Which accounting principle is the trader observing?

Aconsistency

Bduality

Cmatching

Drealisation

✓ Correct answer

A: consistency

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Accounting principles and policies and see which topics are most likely to come up next.

About this question

Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 2, question 34.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Accounting principles and policiesMay/June 20121m

Loose tools are shown in a balance sheet at valuation. Which accounting principle is being applied?

Accounting principles and policiesMay/June 20131m

A trader decided that office equipment costing less than $100 would not be regarded as a non-current asset. Which acc…

Accounting principles and policiesMay/June 20131m

What is ensured by applying the principle of consistency?

The fundamentals of accountingMay/June 20111m

Which is the accounting equation?

Sources and recording of dataMay/June 20111m

Wayne has sent the following business documents to Len, a customer. $ Jan 1 invoice 250 Jan 12 invoice 370 Jan 14 cr…

Sources and recording of dataMay/June 20111m

Which document is issued to a customer to show all the transactions that have taken place during a month?

← Browse all past-paper questions