A-LevelAccountingFinancial reporting and ethical considerations9706/12 · Oct/Nov 2009 · Q41 Mark

A business is separate from its owner. This results in only business transactions being recorded in the accounts. Which accounting principle applies?

Abusiness entity

Bmateriality

Cmoney measurement

Dprudence

✓ Correct answer

A: business entity

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Topic: Financial reporting and ethical considerations, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2009 Paper 1 Variant 2, question 4.

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