O-LevelAccountingAccounting principles and policies7707/11 · May/June 2016 · Q291 Mark

Omar purchased land ten years ago for $25000. He has been offered $60000 for the land. He thinks that the land may now be worth $100000. At what value should the land be recorded in Omar's statement of financial position?

A$25000

B$60000

C$75000

D$100000

✓ Correct answer

A: $25000

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2016 Paper 1 Variant 1, question 29.

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