O-LevelAccountingAccounting principles and policies7707/12 · Oct/Nov 2014 · Q301 Mark

'Only the financial transactions of the business are recorded in the business's accounting records.' Which accounting principle is being described?

Aaccounting entity

Bgoing concern

Chistorical cost

Dmoney measurement

✓ Correct answer

A: accounting entity

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2014 Paper 1 Variant 2, question 30.

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