O-LevelAccountingAccounting principles and policies7707/11 · May/June 2023 · Q341 Mark

Manvinder started a business and paid a cheque for $1000 into a business bank account. He recorded this in the books of the business by debiting the bank account and crediting the capital account. Which accounting principles did he apply?

Abusiness entity and duality

Bbusiness entity and going concern

Cgoing concern and matching

Dmatching and duality

✓ Correct answer

A: business entity and duality

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Topic: Accounting principles and policies, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2023 Paper 1 Variant 1, question 34.

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Manvinder started a business and paid a cheque for $1000 into a business bank account. He recorded this in the books of the business by debiting the bank account and crediting the capital account. Which accounting principles did he apply?

✓ Correct answer

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