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O-LevelAccountingThe fundamentals of accounting7707/12 · May/June 2013 · Q171 Mark

Which statement describes a non-current asset?

AIt can be turned into cash relatively easily.
BIt is acquired for use rather than re-sale.
CIt is a short-term asset.
DIts value is frequently changing.

✓ Correct answer

B: It is acquired for use rather than re-sale.

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2013 Paper 1 Variant 2, question 17.

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