O-LevelAccountingAccounting principles and policies7707/12 · May/June 2023 · Q351 Mark

A café owner made no entry in her accounts for increased competition when another café opened nearby. Which accounting principle was applied?

Ahistoric cost

Bmateriality

Cmoney measurement

Dprudence

✓ Correct answer

C: money measurement

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 2, question 35.

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