What this practice covers
These questions are drawn from past CIE 0452 Accounting papers and filtered to accounting policies. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on accounting policies, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Confusing an accounting policy, which is a choice of treatment, with an accounting principle, which is a rule the treatment must respect.
- Saying comparability means every business must use the same policy. It means each business must be consistent and must disclose changes.
- Saying a policy can never be changed.
- Naming the four objectives without applying them to the situation in the question.
- Using the older terminology in an answer.
- Saying international standards remove all judgement from accounting.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Accounting policies revision notes.