O-LevelAccountingAccounting principles and policies7707/12 · May/June 2017 · Q301 Mark

Mario has decided that all items purchased by his business should be recorded at the amount he actually paid for them. Which accounting principle is Mario applying?

Aaccounting entity

Bconsistency

Cgoing concern

Dhistorical cost

✓ Correct answer

D: historical cost

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2017 Paper 1 Variant 2, question 30.

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Mario has decided that all items purchased by his business should be recorded at the amount he actually paid for them. Which accounting principle is Mario applying?

✓ Correct answer

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