Ecz Principles of Accounts grade 12 2017 paper 1
1) What is meant by the historical cost principle?
A Each transaction must have a debit and credit of equal value.
B Reported profits are realistic and overstated.
C Similar transactions should be recorded in the same way.
D Transacts are recorded at actual cost.
2) Which one of the following is not an example of a business transaction?
A Preparing financial reports.
B Borrowing from the bat
C Sale of goods.
D Purchase of goods.
3) The double entry rule states that for every …
A debit entry there must be a corresponding credit entry.
B debit entry there must be a corresponding debit entry.
C credit entry there must be a corresponding credit entry
D debit and credit balance there, must be a corresponding debit en
