O-LevelAccountingAccounting principles and policies7707/12 · May/June 2013 · Q291 Mark

The financial statements of a trader include wages paid to employees. The skill and expertise of the employees is not included. Which principle is being applied?

Aaccounting entity

Baccounting year

Cgoing concern

Dmoney measurement

✓ Correct answer

D: money measurement

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 2, 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 20111m

Applying the money measurement principle, what is recorded in a balance sheet?

Accounting principles and policiesMay/June 20121m

Sally applies the historical cost principle and records all her non-current assets at the actual cost. What is an adv…

Accounting principles and policiesMay/June 20121m

A company purchased a new computer system. What would be recorded as revenue expenditure?

Preparation of financial statementsMay/June 20131m

Owusu Ltd was formed with an authorised share capital of 1000000 ordinary shares of $0.80 each. It issued 60% of thes…

The fundamentals of accountingMay/June 20131m

How is the cost of production calculated?

Sources and recording of dataMay/June 20131m

On 28 February the statutory deductions account had a credit balance of $2700. Statutory deductions during March amou…

← Browse all past-paper questions