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O-LevelAccountingThe fundamentals of accounting7707/11 · May/June 2012 · Q11 Mark

Which statements about book-keeping and accounting are correct? 1 Accounting is performed periodically rather than daily. 2 Accounting relies on having accurate book-keeping records. 3 Book-keeping involves the preparation of financial statements. 4 Book-keeping is based on the double entry system of recording.

A1, 2 and 4
B1 and 3
C2, 3 and 4
D2 and 4

✓ Correct answer

A: 1, 2 and 4

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2012 Paper 1 Variant 1, question 1.

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