The accounting concept underlying the treatment of personal expenses of the business owner as drawing...

Accounts - Principles of Accounts

WAEC 2014

The accounting concept underlying the treatment of personal expenses of the business owner as drawing is

A. periodicity
B. accrual
C. entity
D. materiality

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Correct Answer: Option C

Explanation

The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.

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The accounting concept underlying the treatment of personal expenses of the business owner as drawing...

Correct Answer: Option C

Explanation

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