O-LevelAccountingAccounting principles and policies7707/11 · May/June 2014 · Q291 Mark

Jai intends to continue trading for many years. He provided the following information about his assets. cash at bank $1000 trade receivables $4000 inventory – historical cost $6000 inventory – market value $10000 non-current assets – historical cost $52000 non-current assets – market value $68000 Which amount should be entered in the statement of financial position for the total assets?

A$63000

B$67000

C$78000

D$83000

✓ Correct answer

A: $63000

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2014 Paper 1 Variant 1, question 29.

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