Subsection 7.1. Accounting principles for Accounting, O Level - revisedeck

7.1. Accounting principles

A subsection of Accounting, 7707, through 7. Accounting principles and policies

Listing 10 of 15 questions

Which statement describes the going concern principle?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

View

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

View

‘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

View

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

View

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

View

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

View

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

View

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

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

View

The financial statements of a business are prepared on the basis that it will continue to operate for many years into the future. Which accounting principle is being applied?

7707_w20_qp_13

MCQ

2020

Paper 1, Variant 3

View

When Marina opened a business she purchased a stapler for the office. She recorded this as office expenses rather than as office equipment. Which accounting principle did Marina apply?

7707_w20_qp_13

MCQ

2020

Paper 1, Variant 3

View

Questions Discovered

15