O-LevelAccountingAccounting principles and policies7707/11 · May/June 2013 · Q291 Mark

A trader decided that office equipment costing less than $100 would not be regarded as a non-current asset. Which accounting principle is being applied?

Aaccounting entity

Bmateriality

Cmoney measurement

Dprudence

✓ Correct answer

B: 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 2013 Paper 1 Variant 1, question 29.

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 20131m

What is ensured by applying the principle of consistency?

Accounting principles and policiesMay/June 20131m

Candy purchased a motor vehicle. She also paid for the cost of delivering the vehicle, insurance and fuel for the veh…

Accounting principles and policiesMay/June 20131m

The financial statements of a trader include wages paid to employees. The skill and expertise of the employees is not…

Analysis and interpretationMay/June 201318m

The following balances were extracted from the books of Alex Penn on 31 March 2013. $ Equipment (net book value) 400…

Accounting proceduresMay/June 201314m

On 1 April 2011 Lynne purchased two motor vehicles for business use on credit from Villa Motors Limited. The vehicles…

Preparation of financial statementsMay/June 201340m

The following balances were extracted from the books of Paul Lee, a manufacturer, on 31 May 2013. Capital $220000 Dr…

← Browse all past-paper questions