O-LevelAccountingAccounting principles and policies7707/12 · May/June 2015 · Q281 Mark

A payment made from the business bank account for petrol for the owner's private car is not included in the income statement. Which accounting principle is being applied?

Aaccounting entity

Bgoing concern

Chistorical cost

Dmoney measurement

✓ Correct answer

A: accounting entity

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2015 Paper 1 Variant 2, question 28.

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A payment made from the business bank account for petrol for the owner's private car is not included in the income statement. Which accounting principle is being applied?

✓ Correct answer

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About this question

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