O-LevelAccountingAccounting principles and policies7707/12 · May/June 2012 · Q301 Mark

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

Aconsistency

Bgoing concern

Cmateriality

Dprudence

✓ Correct answer

C: materiality

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, May/June 2012 Paper 1 Variant 2, question 30.

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 20101m

Bi-Appah thinks her business will be worth more when she takes on new, highly skilled staff. Which accounting princip…

Accounting principles and policiesMay/June 20101m

A sole trader purchased the following items from an office supplier. $ calculator 10 computer system 2000 document s…

Accounting principles and policiesMay/June 20111m

An international company has prepared financial statements without including very small items of furniture in its non…

Accounting proceduresMay/June 20131m

A trader took goods for her own use. How should this be recorded?

Preparation of financial statementsMay/June 20131m

A social club was formed on 1 January 2012. During the year ended 31 December 2012 members paid subscriptions totalli…

Accounting proceduresMay/June 20131m

Karnail does not keep a full set of accounting records. Which is not used to calculate his total credit sales?

← Browse all past-paper questions