O-LevelAccountingAccounting principles and policies7707/11 · Oct/Nov 2015 · Q301 Mark

In a trader's statement of financial position the non-current assets are shown at cost less depreciation to date. Which accounting principle is being applied?

Abusiness entity

Bduality

Cgoing concern

Dmateriality

✓ Correct answer

C: going concern

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2015 Paper 1 Variant 1, question 30.

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