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Cambridge IGCSE Accounting practice

Paper 2 structured question: Accounting principles

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Accounting principles

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Paper 2Structured Written Paper2 marks

A company is preparing its financial statements for the year.

Description

Accounting Principles

The company must adhere to various accounting principles such as matching, historic cost, and prudence when preparing its financial statements.

  1. a

    Explain the importance of the matching principle in financial reporting.

    Aim for approximately 2 distinct marking points.

    [2]

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Paper 2 structured question: Accounting principles

Paper 2Structured Written Paper3 marks

Description

Evaluation of Accounting Principles

The business needs to consider principles such as consistency, materiality, and duality in its accounting practices.

  1. a

    Discuss the role of the consistency principle in accounting.

    Aim for approximately 3 distinct marking points.

    [3]