A-LevelAccountingFinancial reporting and ethical considerations9706/12 · May/June 2011 · Q11 Mark

Accountants prefer the commercial reality of a transaction to a strictly legal approach. Which accounting principle is being applied?

Aconsistency

Bmateriality

Cprudence

Dsubstance over form

✓ Correct answer

D: substance over form

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About this question

Topic: Financial reporting and ethical considerations, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2011 Paper 1 Variant 2, question 1.

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