O-LevelAccountingAccounting principles and policies7707/11 · May/June 2021 · Q331 Mark

Sabeena runs a retail business. She plans to close her business in a few weeks' time. How should her fixtures and fittings be valued in the statement of financial position?

Aat book value

Bat expected sales value

Cat original cost

Dat replacement cost

✓ Correct answer

B: at expected sales value

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 2021 Paper 1 Variant 1, question 33.

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 20141m

Janet's debtor pays the amount owing in cash, after deducting 2% cash discount. How does this affect Janet's financia…

Accounting proceduresMay/June 20141m

A trader maintains a provision for doubtful debts of 2½%. The provision on 1 January 2013 was $250. Trade receivables…

Sources and recording of dataMay/June 20141m

The owner of a business takes goods for his own use. How is this recorded? account to be debited account to be credit…

← Browse all past-paper questions