Which statement describes the going concern principle?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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At the end of the financial year, a company did not account for the unused stationary valued at $50. Which accounting principle did the company apply?

7707_s20_qp_12

MCQ

2020

Paper 1, Variant 2

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Which accounting policy requires that the information in financial statements is free from significant errors and bias?

7707_s22_qp_11

MCQ

2022

Paper 1, Variant 1

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‘Revenue should only be regarded as earned when the legal title of goods and services passes from the seller to the buyer.’ To which accounting principle does this statement refer?

7707_s22_qp_12

MCQ

2022

Paper 1, Variant 2

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Manvinder started a business and paid a cheque for $1000 into a business bank account. He recorded this in the books of the business by debiting the bank account and crediting the capital account. Which accounting principles did he apply?

7707_s23_qp_11

MCQ

2023

Paper 1, Variant 1

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A trader always records assets and expenses in his ledger at the price he paid for them. Which accounting principle is he applying?

7707_s23_qp_11

MCQ

2023

Paper 1, Variant 1

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

7707_s23_qp_12

MCQ

2023

Paper 1, Variant 2

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The special skills of the employees are not recorded in the financial statements of a business. Which accounting principle is being applied?

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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How can a business comply with the accounting principle of prudence?

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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What is not an aim of international accounting standards?

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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